|
Do I Need a Public Officer for New Company Registration? |
|
|
|
Do I Need a Public Officer for New Company Registration?The short answer is yes. Now while it is not essential to nominate a person when registering a company you have to inform the ATO within 3 months of the nominated person.
For a more in depth understanding of the Public Officer read the article below:
While your company is a legal person by virtue of a certificate of
registration, it will still need a live human being to perform specific
acts on its behalf, like signing and submitting documents.
For purposes of your company’s registration and operations,
you will need to appoint a public officer to represent your company in
dealings with government agencies like the Australian Tax Office (ATO)
and the Australian Securities and Investments Commission (ASIC).
The Income Tax Assessment Act of 1936 requires all companies doing
business in Australia to have a public officer. Under this
law, a public officer is a natural person, at least 18 years of age and
a resident of Australia who understands his role as your
company’s representative. The appointment must be made
immediately and no later than three (3) months from the time that your
company has started doing business.
Government offices require you to designate a public officer for your
company’s dealings because existing laws prohibit the
wrongful release of company information to unauthorised persons, and
they are careful not to violate privacy laws. To ensure the
smooth running of your company, and its protection, you must appoint an
authorised representative and inform ASIC and the ATO of the identity
of your public officer.
Australian law requires your company to have a public officer at all
times. This means that if your public officer has resigned,
has passed away, is incapacitated or terminated, then you should
appoint a replacement immediately.
When there is a change in the identity of your company’s
public officer, you are required by law to communicate such fact and
identity to ASIC within twenty eight (28) days. Without any
such notification, the name of the public officer last appearing in the
database of the ATO and ASIC will be deemed properly
authorized.
For your company’s protection, you are strongly advised to
notify ASIC or the ATO of the new public officer’s name as
soon as you can without exhausting the twenty-eight day period.
The position of a public officer is a highly responsible one.
Your public officer is expected to manage all instruments the law
requires your company to lodge and tp keep the required records. The
public officer is responsible for your company’s compliance
with all of its legal requirements.
Furthermore, whatever your company’s public officer does
while in the performance of his duties is deemed an act of your
company. Official notices received by your public
officer are deemed to have been properly received by your
company. Legal proceedings against your public officer are
also deemed instituted against your company and the company shall be
jointly liable with the public officer for any penalty that may be
imposed on him or her.
So it is necessary to not only appoint a company representative, but
such a person should be carefully selected as they hold the key to your
company’s compliance welfare.
|
