Corporations (Fees) Act 1989

Overview

The Corporations (Fees) Act 1989 was enacted by the Commonwealth Parliament to address the need for a structured framework governing the fees payable in relation to various administrative activities under the Corporations Act 1989. This Act ensures that fees are levied for services such as the lodgment, registration, and inspection of documents, the issuance of documents and licences, and the conduct of inquiries and examinations by the relevant authorities. By prescribing a maximum fee of $2,500 for these services, the Act seeks to maintain transparency and predictability in the costs associated with corporate governance and regulatory compliance. Additionally, it empowers the Governor-General to make regulations concerning these fees, subject to the limitations set out in the Act, thereby allowing for flexibility in fee adjustments over time.

Scope and Application

The Corporations (Fees) Act 1989 applies to entities that are subject to the Corporations Act 1989, including companies, limited partnerships, and other corporate bodies incorporated under the Act. The Act imposes fees for various activities related to the lodgment, registration, inspection, and examination of documents, as well as for the issuance of documents, licenses, and approvals by the Minister or the Australian Securities and Investments Commission (ASIC). These fees are payable for services rendered in connection with the administration of the Corporations Act 1989. The Act applies on a national level as it is Commonwealth legislation. The Governor-General has the authority to make regulations under this Act, including prescribing fees that must not exceed $2,500. There are no stated exclusions or exemptions in the Act itself, but the Commonwealth retains the discretion to waive or reduce fees or provide refunds in specific cases or classes of cases.

Key Provisions

The Corporations (Fees) Act 1989 (Cth) establishes the fees payable to the Commonwealth for various actions under the Corporations Act 1989 (Cth). Section 4 outlines the specific fees that must be paid for the lodgment of documents, the registration or inspection of documents, the production of documents under subpoena, the issuance of documents and licences, and the submission of documents for examination. This section also clarifies that the failure to pay the fee does not mean the document is not considered lodged, but the fee becomes a debt due to the Commonwealth that can be recovered in a court of competent jurisdiction. The Act further specifies that where a company is deemed to have lodged a document under section 338 of the Corporations Act, it must pay the relevant fee as if it had actually lodged the document. The Minister or the Commission is not permitted to perform any act or thing for which a fee is payable under this section until the fee is paid. The obligations imposed by the Corporations (Fees) Act 1989 include ensuring that fees are paid for the specified actions under the Corporations Act. This means that entities must calculate, pay, and, if necessary, submit documentation to the Commission for any actions that incur a fee. In particular, Section 4(2) requires that even if a fee is not paid at the time of lodgment, the fee still becomes a debt due to the Commonwealth. Additionally, Section 4(4) mandates that the Minister or the Commission cannot perform any fee-related action until the relevant fee is paid in full. The Act outlines specific consequences for non-compliance with its provisions. For instance, Section 4(2) states that if a fee is not paid, the fee becomes a debt due to the Commonwealth and can be recovered by the Commission in a court of competent jurisdiction. There are no explicit penalties mentioned in the text for failing to pay the fees, but the recovery of the fees as a debt implies that failure to pay could result in legal action. Furthermore, the Act allows the Commonwealth to waive or reduce fees in particular cases or classes of cases, or to refund fees in whole or in part, as indicated in Section 4(6). The Governor-General has the authority to make regulations prescribing fees, not exceeding $2,500, for the purposes outlined in Section 4(1).