Failing to return the ASIC Form 362 by the due date can lead to several consequences.
Initially, the Australian Securities and Investments Commission (ASIC) may issue a penalty notice to the company secretary for not lodging the document in time. If the form remains unsubmitted post the penalty notice, ASIC may proceed with legal action against the company secretary, as outlined in Regulatory Guide 64.
Additionally, late lodgement of Form 362 could result in late fees, as ASIC imposes charges for overdue notifications of changes. It's important to note that if you do not have a registered ASIC agent, the annual statement and other correspondence will be sent to your company's registered address.
To avoid these complications, it's advisable to complete and return Form 362 before the deadline, which is typically by 12 pm on the business day prior to your annual review date. For specific advice and assistance with your situation, contacting ASIC directly or consulting with a professional advisor is recommended. Please note that this information is not intended as professional advice and should be verified with ASIC or a professional advisor.