Summary of actual levies released for financial year 2023-24
ASIC has published a summary of levies for financial year 2023-24. This summary sets out the levy metric and description, as well as the actual levy amounts, by subsector for the financial year.
ASIC’s 2023-24 industry funding legislative instruments were made on 7 November 2024, setting out how our regulatory costs were allocated, and the metrics used to calculate levies.
ASIC Regulatory Portal now closed for the 2023-24 annual reporting cycle
To enable ASIC to calculate invoices, entities were required to submit or confirm pre-filled business activity metric data on the operation of their business for the 2023-24 financial year. This was done via the ASIC Regulatory Portal.
Lodgements were required to be submitted between 24 July 2024 to 25 September 2024.
ASIC will use the information provided to calculate an entity’s share of the regulatory costs for the 2023-24 financial year.
ASIC Regulatory Portal account holders will be able to log in to view and pay their entity’s invoice online. For those not registered on the portal, the invoice will be sent via mail to the address registered with ASIC.
What is industry funding
Under ASIC’s industry funding model, ASIC’s regulatory costs are funded through appropriation from the Commonwealth. These costs are recovered from the industry sectors we regulate through a combination of:
industry funding levies charged to 52 subsectors and
fees for service for user-initiated, transaction-based activities where we provide a specific service to individual entities.
Watch our 'What you need to know about ASIC industry funding' video about how the model works.
The Australian government has introduced new laws changing how ASIC is funded. Under the new arrangements, regulated entities will receive an invoice for ASIC’s regulatory services delivered in the prior year.
If your work is regulated by ASIC, there are some things you need to know about this move to industry funding. The levies organisations are going to pay will reflect the real cost of regulating the subsectors in which they operate. Some levies will be flat, some will be graduated and some will be a combination of the two.
In January each year, ASIC will issue invoices to regulated entities to recover the associated costs from the previous financial year. So, what do you need to do?
During July to September each year, all organisations that ASIC regulates must log on to the ASIC regulatory portal to maintain their contact details, and in some cases, submit or confirm business activity metrics. In some cases, ASIC will provide pre-populated business activity metrics for validation. In others, organisations must enter the information themselves.
Some small Pty Ltd companies not operating in a subsector will be exempt from the requirement to use the portal. Instead, they will pay an additional $4 via an increase in their ASIC Annual review fee. ASIC has developed additional information to help industry understand and plan for these levies. Just go to asic.gov.au/industry-funding.
How ASIC's industry funding model works
The infographic below provides an overview of ASIC’s industry funding model which is prescribed in acts and regulations. It aims to help our stakeholders better understand how the model works.
On 20 April 2016, the Australian Government announced it would introduce an industry funding model for ASIC in response to the recommendation of the Financial System Inquiry (FSI).
The industry funding levy component of the industry funding model commenced on 1 July 2017. The second phase of the ASIC industry funding model—the introduction of ASIC fees for service—commenced on 4 July 2018.
Government policy approval for the industry funding model
On 20 April 2016, the Australian Government announced it would introduce an industry funding model for ASIC. This was in response to the recommendation of the FSI that the Government recover the cost of ASIC’s regulatory activities directly from industry participants through fees and levies calibrated to reflect the cost of regulating the different industry sectors that we regulate.
The FSI identified that the Australian Government recovered only a small portion of ASIC’s costs directly from industry participants, through the Financial Institutions Supervisory Levies, application fees and the Market Supervision Cost Recovery Regime. The FSI noted that, as a result, ASIC costs were not transparent to industry and ASIC was also exposed to an increased risk of funding cuts unrelated to changes in the cost of delivering on our mandate. It also noted that the Senate Economics References Committee’s report, Performance of the Australian Securities and Investments Commission (published in June 2014), highlighted that resource constraints affect ASIC’s capacity to conduct supervision and surveillance across regulated entities.
The industry funding levy component of the industry funding model commenced on 1 July 2017. However, following consultation, the Australian Government decided to delay the commencement of the fees-for-service proposals to allow time to refine the model by gathering further data to support the setting of the fee amounts. The second phase of the ASIC industry funding model—the introduction of ASIC fees for service—commenced on 4 July 2018. From that date we have been recovering our costs for specific regulatory activities requested by an entity.
The industry funding model for ASIC:
ensures that the costs of the regulatory activities undertaken by ASIC are borne by the entities ASIC regulates, rather than Australian taxpayers
establishes price signals in the way resources are allocated within ASIC
provides economic incentives to drive the Australian Government’s desired regulatory outcomes for the financial system
provides greater stability and certainty in ASIC’s funding and ensures that ASIC is adequately resourced to carry out our regulatory mandate
improves our cost transparency and accountability to industry.
Statutory authority for the levies
The legislative framework for industry funding levies is established by a number of Acts, regulations and legislative instruments:
the ASIC Supervisory Cost Recovery Levy Act 2017, which imposes a levy on persons we regulate to recover our regulatory costs
the ASIC Supervisory Cost Recovery Levy (Collection) Act 2017, which empowers ASIC to collect the levy and requires entities to submit annual metrics so that we can calculate the levy
the ASIC Supervisory Cost Recovery Levy Regulations 2017, which set out the criteria for determining the subsectors an entity is a part of and the metrics to be used for calculating the levy payable by entities in each subsector. The Regulations also require ASIC to make an annual legislative instrument setting out, for each subsector, our regulatory costs and the total amount of activity (the subsector metric) for the financial year
the Corporations (Review Fees) Regulations 2003, under which our regulatory costs for small proprietary companies will be recovered through an increase to the annual review fee for proprietary companies.
Statutory authority for fees for service
The introduction of fees for service is contained in the legislation set out in Table 1. This legislation passed both Houses of Parliament and was assented to by the Governor-General on 28 June 2018. We also explain the amendments this legislation made in Table 1.
Table 1: Legislation that establishes the fees-for-service regime
enable ASIC to charge tiered fees, based on whether a chargeable matter is low, medium or high complexity
increase the statutory caps on fees so we can recover the costs we incur
enable ASIC to charge a different fee for certain chargeable matters based on the type of entity.
Superannuation Industry (Supervision) Amendment (ASIC Fees) Act 2018
Superannuation Industry (Supervision) Act 1993
Minor amendments made to allow ASIC to charge fees for applications to vary or revoke the conditions or cancel the registration of an approved self-managed superannuation fund (SMSF) auditor.
National Consumer Credit Protection (Fees) Amendment (ASIC Fees) Act 2018
National Credit Act
Amendment made to allow ASIC to charge different fees depending on:
Amendments made to increase the maximum amount of the fee that can be prescribed in the regulations so we can recover the costs we incur when providing regulatory services to SMSF auditors.
