The role of the company secretary is regulated by the Corporations Act and Australian Securities and Investment commission (ASIC). Under the Corporations Act every company requires at least one company secretary, and there are differences between a family private company and a public company. The core responsibilities of a family company secretary are:
- Maintenance of company registers, for example; register of new members, changes in share ownership, directors and share certificates (unless you have an ASIC Registered Agent maintaining the registers on your behalf)
- Statutory compliance
- Preparation and lodgement of statutory returns – preparation and lodgement of annual returns on time.
- Compliance with corporate constitution – ensure updating pre July 1998 Company’s memorandum and articles of association to a corporate constitution.
- Organisation of meetings – change of directors, addresses, annual return. This is usually around the dinner table.
Some duties of the family Company Secretary are;
- Taxation and accounting
- Superannuation
- Workplace health and safety
- Insurance
- Legal advice
- Correct display of business name
- Signing name documents
What records are important?
- You must keep financial records that explain the transactions and the financial position of the company.
- These records must be kept for at least seven years or if kept in an electronic format, must be convertible into a hard copy.
- The Corporations Act expressly states that a Company Secretary will be held legally liable for a contravention of provisions
If you believe the role is too much for your already hectic day, let Rubiix business accountants alleviate this burden by becoming the Registered Agent and Office for your Corporate Registers.
For further information contact us
Submitted by: Eric Farrance – Senior Manager