ASIC industry funding – indicative levies

To allow organisations to budget for these changes, ASIC have released a report outlining the expected levies that will be payable for 2018. The actual fees will not be finalised until January 2019. This is because under the user-pays model, ASIC will calculate the fee payable by using the actual cost of regulating each sector for 2018 in conjunction with business activity metrics that will be required to be reported to ASIC via a new regulatory portal.

he new portal will be available for reporting this information between July and September 2018.
The expected levies relevant to some of our clients are listed in the following table:

TABLE 1: ESTIMATED LEVIES

 
Subsector Estimated levy
Small proprietary limited companies Flat levy – to be charged via a $4 increase to annual review fee (this type of company will not be required to report information on the new portal)
Large proprietary companies Flat levy – $868
Unlisted public companies Flat levy – $321
Registered company auditors Flat levy – $222
Registered liquidators Graduated –  based on number of appointments – $2,500 plus $125 per appointment
Listed public companies Graduated levy based on market capitalisation
  • Market cap < $5 million: $4,000 levy
  • Market cap between $5 million and $20 billion: $4,000 + $0.19 per $10,000 of market cap > $5 million
  • Market cap > $20 billion: $396,000 levy

We expect to start receiving notices for those clients for whom we act as registered office in July 2018 and will be in touch to organise the entry of your business metrics for 2018 in order to comply with the new requirements.

ASIC’s timetable for the release of further information on the levy amounts and timing of the invoices:
 
  • June 2018 — Indicative levies for 2018–2019 are published
  • July 2018 — Portal opens to stakeholders to enter 2017–2018 data
  • October 2018 — CRIS published, which includes levy cost pools for each subsector for the 2018–2019 financial year
  • January 2019 — First invoices sent to stakeholders for the 2017–2018 financial year
We will keep you updated with any further news as it comes to hand.
If you would like any further information on ASIC’s new cost recovery framework, please contact Emily Wiltshire on ewiltshire@moorestephens.com.au