XBert Type: Standard
Accounting Software: Xero, MYOB, QuickBooks
Country Restriction: AU only
Risk Type: Other Risk
Business Function: Other
Overview
The "ASIC Renewal due or not paid" XBert identifies when a business's ASIC annual renewal fee appears to be unpaid or unrecorded around its company anniversary date. This helps ensure you don't miss critical compliance obligations that can incur late fees and penalties.
What it does
XBert checks if your business, registered with the Australian Securities & Investments Commission (ASIC), has paid the annual review fee by examining your transaction history around the company’s anniversary date. If no payment or related entry is found, it raises an alert to prompt follow-up.
How it works
XBert uses a multi-step process to identify missed ASIC renewals:
Retrieves the company's anniversary date from ABR records
Looks for payments or journal entries to ASIC within a window from 1 week before to 2 weeks after the anniversary
Checks for any bill payments, bank transactions, or journal entries with the term “ASIC”
If no matches are found, the alert is triggered, even if the payment was made but not clearly recorded or referenced
This method accounts for various recording styles across platforms (e.g., MYOB, Xero, QuickBooks).
Example/Use Case
John receives an ASIC renewal invoice for his business but logs the payment under a general contact called "Government/ATO" and omits the ABN or keyword “ASIC” in the reference. Later, during a compliance review, no one can confirm the ASIC fee was paid. XBert flags the issue — helping the team investigate the transaction and avoid a $83–$344 late fee if it was missed or delayed.
Accounting software
All major Australian-compatible accounting software (e.g., Xero, MYOB, QuickBooks Online).
Which countries it supports
Australia only.
Processes
This alert falls under the ‘Advisory Services’ category, supporting annual compliance monitoring. To resolve this issue:
Check whether the ASIC renewal fee was already paid (e.g., via bank feed, batch payment, or manual entry).
If payment was made, ensure the contact is correctly labelled (e.g., ASIC, not a generic name) and add relevant notes or tags.
If payment is outstanding, process the renewal through the ASIC portal and record the transaction with appropriate references.
Once verified or updated, you can file or complete the alert in XBert.
For ASIC payment details or to check renewal notices, visit: ASIC Registry