Are you a single taxpayer or perhaps a director of many companies?
When you have a change of physical or postal address, email address, or name, there are many government agencies and businesses that you deal with that will need to be informed of the change.
For all business entities, companies, trusts and SMSFs, keeping these details accurate is more than just good practice. Often, it is a legal requirement to ensure smooth communication, regulatory compliance and effective management of your assets and records. If your information isn’t current, important notices can be misdirected or missed entirely.
This is where it can become costly.
For companies, ASIC requires directors and shareholders to keep their personal information up to date and will often apply penalties for failing to notify of changes within the required timeframe. The same goes for local councils, Revenue SA, and other government agencies that often impose penalties for failure to make payments on time. Some may be accommodating in remitting the fees or interest amounts imposed for late payments or notification, but many will not.
As an investor personally, through a trust, company or SMSF, incorrect information can delay distributions, superannuation processing and eligibility assessments. If you have changed bank accounts, your income will not be deposited until those details are updated. If ownership records do not reflect current legal details, this can create complications in estate planning or succession. Probate is a lengthy and complicated process as it is, therefore maintaining correct ownership records prevents a messy situation later.
Keeping us informed enables us to act efficiently on your behalf – helping with notification to ASIC and ATO, lodging documents, responding to regulatory queries, and maintaining compliance across all entities you are involved in.
If you have changed your name, residential address, email or phone number, or if you are planning a move soon, please contact us as soon as possible. Ensuring your details are accurate protects your interests and keeps your entities compliant and running smoothly.