The deadline for organisations regulated by ASIC to comply with new industry funding laws is here - organisations have until Thursday 27 September 2018 to submit their ‘business activity metrics’ through the new ASIC Regulatory Portal. The information submitted will then determine the levy imposed on the organisation by ASIC.
The required metrics and applicable levies will differ depending on the entity and industry sector(s) in which the entity operates. For example, large private companies, company auditors and unlisted public companies may pay flat levies, while listed companies, liquidators and credit providers may pay graduated levies. Most small proprietary companies and registered charities are not required to comply.
The new industry funding model is designed to allow ASIC to recover its regulatory costs from industry through both levies and fees-for-service.
All regulated entities will have received a letter from ASIC outlining the changes and the steps that the entity must take to comply with the new laws. Regulated entities must use the registration details outlined in the letter to log in to the ASIC Portal. A company director or secretary is then required to:
- register for a user account
- provide details of the entity’s industry funding contact details
- submit the entity’s ‘business activity metrics’ for the 2017-2018 financial year.
Failure to comply is a criminal offence and organisations that do not submit the required information by 27 September 2018 may face penalties, including late payment penalties, calculated monthly at 20 per cent per annum of the outstanding amount.