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18-086MR Industry funding update: ASIC publishes indicative levies for 2017-18
Ahead of issuing final industry funding invoices in January 2019, ASIC has today published estimates of what regulated sectors will pay.
Industry funding arrangements became law on 1 July 2017. All organisations that are regulated by ASIC will contribute towards ASIC's regulatory costs incurred in the previous financial year:
- some will pay a flat levy, with the cost of regulating a subsector shared equally among the entities operating in that subsector.
- others will pay a graduated levy, with the entity's size or level of business activity determining their share of costs.
The indicative levies published today are based on ASIC's budgeted regulatory costs outlined in ASIC’s draft Cost Recovery Implementation Statement (CRIS).
The indicative levies provided remain an estimate and the amounts are likely to change when ASIC’s actual regulatory costs are known in November.
Calculating indicative levies is dependent on ASIC having access to specific business activity metric data relating to each subsector. Some metrics that ASIC requires to make these calculations are new, and have not yet been collected from industry. As a result, ASIC has calculated indicative levies for 35 of the 48 subsectors.
A new obligation for ASIC's regulated population
Between July and September 2018, all organisations that ASIC regulates must log on to a new online ASIC portal to submit or validate their business activity metrics.
In June, ASIC will send a letter to the person listed as the ASIC contact for each organisation. This letter will contain a unique security key for the portal and detailed information on the process.
ASIC will use the information in these submissions to calculate final invoices, and in future years, generate estimated levy amounts for the entire regulated population.
ASIC will publish its actual regulatory costs in November, along with population and business activity metric data provided by industry, which will enable entities to better estimate their individual levy.