Certain “special purpose” companies, as well as charities registered with the Australian Charities & Not-for-profits Commission (ACNC) are eligible for a reduced annual review fee, or are exempt from paying these fees altogether.
A special purpose company is generally one that’s created for a set reason, not just general business, and is usually one of the following:
- Superannuation Trustee Company - created to act solely as the trustee of a regulated superannuation fund.
- Home Unit Company - created to act solely as a body corporate to administer a property divided into a block of units or flats.
- Not-for-profit Company – created solely to pursue charitable purposes.
Each of these company types need to have particular wording and restrictions included in their constitution which allows them to benefit from the reduced annual review fee.
Charities are generally exempt from paying the annual review fees altogether.