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18-218MR Industry funding: next steps for industry
Organisations that are regulated by ASIC need to complete their business activity statements before Thursday, 27 September 2018 under the Federal Government’s industry funding arrangements.
Industry funding commenced on 1 July 2017, requiring organisations regulated by ASIC to contribute toward the associated regulatory costs incurred in the previous financial year.
ASIC Commissioner Cathie Armour said that industry funding marked a new era for ASIC and industry, and that it was important for organisations to understand their legal obligations.
‘This is the first year of an entirely new funding model for ASIC and we appreciate this is new ground for those organisations we regulate too. We have set up an online process to make it as straightforward and convenient as possible, so it is now up to industry,’ she said.
To enable ASIC to calculate invoices, organisations must submit or confirm pre-populated business activity metric data on the operation of their business from the previous financial year. This will be done via the new online ASIC Regulatory Portal.
Instructions have already been sent out
A letter was sent from ASIC to each regulated company’s registered office address with instructions to complete the process. The letter included a unique industry funding security key which is to be used to launch an online form. ASIC will use the information in these returns to calculate an entity’s share of the regulatory costs for the previous financial year.
ASIC’s website has related information if you have not received your letter by the end of July.
Small proprietary companies
Most small proprietary companies will not need to visit the portal, or submit or validate business activity metrics. Instead, they will pay an additional $4 on top of their annual review fee. This simple fee increase aims to minimise the reporting burden on small proprietary companies.
The Government will absorb ASIC’s costs of regulating registered charities and they are therefore not required to visit the portal or submit business activity metrics.