Claire Wivell Plater
ASIC’s new fee and levy structure, introduced on 1 July 2017 means that users now pay for most of the regulator’s costs. As of June this year, you’ll need to start providing information to ASIC about your business so they can calculate your levy.
Different payment methods and calculations will apply to each industry sector you’re in. ASIC has released indicative levies for about 80% of affected businesses, but not most credit and financial services providers who will need to wait until November 2018 to find out what you’ll be paying for this year.
How will it work?
Here’s what AFS and Credit licensees will need to do this year:
- June 2018: ASIC will send a key to enable you to login to their new Regulatory Portal. Follow the instructions when logging in.
- July to September 2018: Provide ASIC with business activity metrics through the new portal. Penalties will apply if you don’t.
- November 2018: Calculate how much you’ll need to pay based on the ‘legislative instrument’ that ASIC will publish.
- January 2019: ASIC will send you an invoice for the 2017/18 financial year. Pay your invoice within 30 days to avoid a penalty.
You can find out more information about this user-pays system here.
By Claire Wivell Plater