ASIC said organisations under their regulation need to contribute toward the associated regulatory costs incurred in the previous financial year and complete their business activity statements before 27 September.
It said organisations must submit or confirm pre-populated business activity metric data on the operation of their business from the previous financial year in order for them to be able to calculate invoices.
ASIC said this can be done through its new online regulatory portal.
However, 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, something ASIC said is aimed at minimising the reporting burden on small proprietary companies.
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,” Ms Armour said.
“We have set up an online process to make it as straightforward and convenient as possible, so it is now up to industry.”
Earlier this year, the Institute of Public Accountants chief executive Andrew Conway questioned ASIC’s proposed fee hike for SMSF auditors.
New SMSF auditors face a one-off $1,927 registration fee, down from the initially proposed $3,429 last year, but still a considerable jump from the current $107 fee.
“The ATO currently already collects $259 from each SMSF to finance the SMSF monitoring role the ATO conducts on behalf of ASIC. Whilst this levy was a mere $45 in 2008 it now equates to approximately $142.5 million to monitor the sector including SMSF auditors,” Mr Conway said.
“We have a much bigger concern if a new funding model is only focused on government revenue without equipping the corporate regulator to do its job adequately.”
