Industry funding update: ASIC publishes indicative levies
28th March 2018
Indicative levies published
ASIC has today published its estimates of what regulated entities will pay under the industry funding scheme.
Licensees that provide personal advice to retail clients on relevant financial products, such as licensed accountants who provide SMSF advice, will be subject to a graduated levy.
The graduated levy will include two components: a minimum amount paid by all entities, and a graduated amount based on each entity’s size or level of business activity. For licensees that provide personal advice to retail clients on relevant financial products, ASIC has indicated the minimum levy will be $1,500.
In its media release, ASIC noted that the indicative levies are an estimate and the amounts are likely to change when ASIC’s actual regulatory costs are known in November.
At the same time, ASIC released an updated industry funding factsheet which can be downloaded here.
A new regulatory obligation
Between July and September 2018, all regulated organisations must log on to a new online portal to submit or validate their business activity metrics. From June 2018, ASIC will begin to send letters to the person listed as an organisation’s contact with a unique security key for the portal and more detailed information on the process.
Final industry funding invoices will be issued in January 2019.