BUSINESS OWNERS – ASIC & Xero fee increases in 2023.
ASIC fees increase from 1 July 2023
Annually on 1 July, the corporate regulator ASIC increases its fees in line with the Consumer Price Index (CPI). For 2023, there has been an increase of 5.1%.
So, what does this mean for you as a current or potential business owner?
You will pay 5.1% more than last financial year on fees such as:
- Application for registration as an Australian Company (from $538 to $576)
- Changing a Company Name (from $443 to $474)
- Late payment fee applied for more than one month late (from $362 to $387)
A detailed list of the latest fees are available on the ASIC website here.
To accommodate this fee change, Highview have updated our fees associated with ASIC related services to directly match the amount that ASIC is charging. Noting, GST does not apply on ASIC fees.
For the latest updates on our ASIC related service fees, please contact your local Highview office here.
Xero monthly plan fees increase from 13 September 2023
Effective from 13 September, Xero is also increasing some of its monthly plan fees. For individuals and businesses who have a Xero subscription, a notification about this change would have already been communicated, however here are the key changes for those who may have missed the updates: https://www.xero.com/au/pricing-plans/update/
The price change relates to subscribers on Payroll-only, Starter, Standard, Premium and Ultimate plans. The price of any optional Xero add-ons will not change. You can check what pricing plan you are on by heading to your Xero account and checking the ‘Subscription’ column.
Monthly plan increases range from $3 a month to $25 a month. Here are a few examples of some of the increases you can expect:
Questions?
If you have any questions regarding these fee changes, please contact your local Highview office – we’re here to help.