Cost recovery implementation statement - levies - 2017-18
The Cost Recovery Implementation Statement (CRIS) - levies-2017-18 outlines ASIC’s forecast regulatory costs and activities for the 2017-18 financial year. It follows extensive consultation by Government on the operation of ASIC's industry funding model.
The CRIS was finalised in May 2018 following industry consultation and has been approved by the Minister for Revenue and Financial Services.
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Submissions
- Australian Bankers’ Association Inc.
- Australian Financial Markets Association
- Australian Restructuring Insolvency & Turnaround Association
- Association of Financial Advisers Ltd
- Bent & Cougle Pty Ltd
- Capstone Financial Planning Pty Ltd
- Chartered Accountants Australia and New Zealand
- CPA Australia Ltd
- de Vries Tayeh
- Dye & Co. Pty Ltd
- Easton Investments Limited
- Gavin Moss, CA
- JP Downey & Co Chartered Accountants
- KordaMentha Pty Ltd
- Levi Consulting Pty Ltd
- McGrathNicol Partnership
- National Insurance Brokers Association of Australia
- PPB Advisory
- Professor Helen Anderson, Melbourne Law School
- Robson Cotter Insolvency Group
Related information
Can I rely on these figures to estimate my final industry funding invoice?
The figures in the CRIS and Report 570 Indicative levies for ASIC industry funding: 2017–18 (REP 570) are estimates of our cost recovery levies, based on our budgeted allocation of regulatory costs for each financial year and estimates of the population and business activity metrics for each of the 48 subsectors to which levies apply.
For some subsectors, we are unable to issue indicative levies for the 2017–18 financial year because we do not currently collect the relevant metrics. See REP 570 for more information. In November 2018, ASIC will publish a actual costs via a legislative instrument.
If the CRIS covers ASIC's budgeted costs, when will ASIC publish its actual costs?
The Annual Dashboard Report will show ASIC's actual costs of regulating each subsector. This will be published after the Annual Report has been finalised in October each year. This is a new requirement introduced under amendments to the ASIC Act to increase the transparency of ASIC's expenditure.
Why have the numbers in the CRIS changed from the 2016 Government consultation paper on industry funding?
The Government consulted on the operation of the industry funding model in late 2016. This was one of several periods of consultation with industry. The numbers in the 2016 consultation paper related to the budget resource allocation for the 2016-17 financial year. While the numbers in the CRIS relate to ASIC's 2017-18 budget.
The figures in the 2016 consultation paper did not include additional funding received to implement and maintain several new budget measures. These include collective investment vehicles, Asia Region Funds Passport, crowd-sourced equity funding, and financial capability.
ASIC's stakeholder teams have also updated the proportion of their costs being allocated to the industry subsectors they support. Levies will change year to year and this should be expected. ASIC's business plans, base budget and enforcement activities will all have an impact.
Are the figures in the CRIS likely to change again?
A change in the estimated levy pool costs could result from several factors. These include a significant change in priorities and resource allocation over the year ahead for ASIC. ASIC's enforcement costs can also change due to circumstances outside our control including court processes and settlement agreements. This would flow on to how costs are allocated to industry subsectors.