ASIC requires companies to:

1. Maintain true and fair financial statements
2. Maintain financial records including wages, inventory and tax records
3. Register the company name with ASIC and obtain an Australian Company Number (ACN)
4. Have a registered office
5. Display the company name at every place at which the company does business and that is open to the public
6. Display the company name, the words ‘Australian Company Number’ (or ‘ACN’) or ‘Australian Business Number’ (or ‘ABN’) and the relevant number on all correspondence
7. Comply with ASIC annual return and annual statement requirements
8. Remain solvent - have the means to pay debts and when they fall due.

A company must keep:

• registers of members (shareholders)
• registers of option holders (if held)
• minutes of general and directors’ meetings
• registers of charges created by the company over company property, and
• financial records for assessment of the company’s financial position (to be kept for at least seven years after transactions are complete).

Obtain professional advice if there is any doubt about the content or type of financial or administration records that should be retained. Financial records required will vary from company to company.