InFocus July 2022 - Volume 31 Issue 5
Fee indexation - New fees now apply
As of Friday 1 July 2022, you will notice some ASIC fees have changed. This is based on the increase in the Consumer Price Index (CPI) announced for the March quarter.
For a list of our current fees, visit Fees for commonly lodged documents.
For more information about fee indexation, visit our website.
Corporate collective investment vehicle regime is here
The application process to register a corporate collective investment vehicle (CCIV) went live on 1 July 2022. The first step to registering a CCIV is to apply for or vary an existing AFS Licence to include the relevant CCIV authorisations. The AFS licensee must be a public company.
Once the licensee has the correct authorisations listed on their licence, a Form 5201 Application for registration of a corporate collective investment vehicle can be submitted to register a CCIV. Upon registration, the licensee will be the corporate director of the CCIV, and is responsible for operating the business and conducting the affairs of the CCIV.
Applicants must meet certain requirements before a CCIV or sub-fund can be registered.
Further information about the requirements can be found in Information Sheet 272 How to register a corporate collective investment vehicle and sub-fund.
Read more about the new CCIV regime on our website.
Start preparing your financial reports now!
Financial reports are due in September and October (depending on your entity type) so now is the best time to get your documents ready.
Public companies, registered schemes, 'large' proprietary companies, Australian Financial Services licensees, and some foreign companies all need to lodge financial reports with us.
Financial reports must be lodged online.
Companies and schemes
Companies and schemes can lodge their financial reports online using the Form 388 Copy of financial statements and reports.
You will also need to include supporting documentation, including:
- an income statement,
- a statement of financial position at the end of the year, and
- a statement of cash flow.
AFS licensees
AFS licensees need to provide their financial reports by lodging copies of:
- Form FS70 Australian financial services licensee profit and loss statement and balance sheet, and
- Form FS71 Auditor’s Report for AFS Licensee.
When the report needs to be lodged may depend on who holds the licence.
For more information about financial reporting and your requirements, visit our website.