Effective from 1 July 2017, the ASIC Supervisory Cost Recovery Levy Act 2017 (Cth), discussed in detail in Talking Tax – Issue 120, introduced a levy payable by all companies regulated under the Corporations Act 2001 (Cth) to contribute to the regulatory costs incurred by ASIC.

In June 2018, ASIC contacted all relevant companies to request that they provide or validate information regarding their business activity so as to determine the levy payable.

However, on 2 July 2018, the Minister for Revenue and Financial Services Kelly O’Dwyer MP published a media release stating that the Government will instead absorb the levy for registered charities, who will no longer be required to pay the levy.

ASIC have so far been unable to provide guidance as to whether this exemption will apply to companies who operate solely as corporate trustees for registered charities, but who are not themselves registered as a charity.