Companies (Fees) Act 1981

Overview

The Companies (Fees) Act 1981 was enacted to address the need for a structured framework governing the fees payable for various services and actions undertaken by the Australian Securities and Investments Commission (ASIC) and the Ministerial Council under the Companies Act 1981. This legislation was introduced to ensure that there is a transparent and regulated process for the collection of fees for activities such as the lodgment and registration of documents, the inspection of registers, the issuance of documents, and the granting of approvals, among others. The Act was enacted by the Queen, the Senate, and the House of Representatives of the Commonwealth of Australia, and its primary policy objective is to establish a clear and consistent method for the payment of fees related to corporate activities. The Act ensures that fees are prescribed and collected in a manner that is not inconsistent with the overarching provisions of the Companies Act 1981.

Scope and Application

The Companies (Fees) Act 1981 applies to the fees payable for various purposes under the Companies Act 1981. This includes fees for the lodgment of documents with the Commission, registration and inspection of documents and registers, issuance of documents, granting of approvals, and other related activities. The Act applies to entities and individuals who are required to lodge documents or apply for services under the Companies Act 1981, such as companies, directors, and secretaries. The Act applies on a national level as it is a Commonwealth Act. The Governor-General has the power to make regulations prescribing fees for the purposes outlined in the Act, with a maximum fee of $1,000. However, the Commonwealth may choose to waive, reduce or refund fees in certain circumstances. The Act does not specify any exclusions or exemptions. The scope of the Act can be extended or restricted through the regulations made by the Governor-General in accordance with advice from the Ministerial Council.

Key Provisions

The Companies (Fees) Act 1981 (sections 1-5) outlines the fees payable for various activities related to the Companies Act 1981. Specifically, section 4(1) mandates that fees are payable for the lodgment of documents with the Commission, registration of documents, inspections, searches, subpoenas, issuing documents, making inquiries, and submissions for examination. Section 4(2) stipulates that a document is not considered lodged until the fee is paid, while section 4(3) requires that actions by the Ministerial Council or the Commission are not performed until the fee is paid. Section 4(5) allows for the waiver, reduction, or refund of fees under certain conditions. The Act imposes obligations on entities to ensure that all required fees are paid before certain actions are taken by the Commission or Ministerial Council. For example, the submission of documents for lodgment or examination cannot proceed without the payment of the relevant fee. The Minister Council and the Commission must adhere to these fee requirements and cannot perform any actions for which a fee is due unless that fee has been paid first. The Act provides for the imposition of civil or criminal consequences for non-compliance with its provisions. While the Act does not explicitly state offences or penalties, the failure to pay the prescribed fees when required could potentially lead to legal action under other related legislation, such as the Companies Act 1981. Additionally, section 5 allows for the creation of regulations by the Governor-General, and non-compliance with these regulations could result in penalties as outlined in those regulations. The maximum penalty for any contravention of the regulations would be limited to $1,000, as per section 5(1).