Affected firms must submit or confirm pre-populated business activity metric data on the operation of their business from the previous financial year through ASIC’s online regulatory portal before 27 September.
ASIC has already sent out a letter to the registered office address of affected firms, setting out instructions on how to complete the process.
In addition, the corporate regulator sent out a reminder to affected firms last month shortly after the new industry funding model began on 1 July.
The obligation is part of new industry funding arrangements that became law in 2017, requiring organisations regulated by ASIC to contribute toward the associated regulatory costs incurred in the previous year.
However, ASIC noted that most small firms will not need to visit the portal, instead they pay an additional $4 on top of their annual review fee.
ASIC commissioner Cathie Armour said it was important for all regulated entities to complete the process or they may incur penalties.
“Complying with industry funding obligations is simple and we have set up an online process to make it straightforward,” she said.
“As this is the first year of an entirely new funding model for industry, our focus is on ensuring people know what they need to do in advance.”
In May, the Institute of Public Accountants chief executive Andrew Conway questioned ASIC’s proposed fee hike for SMSF auditors.
“Even though ASIC is making significant income for government, it is not even able to cover its own costs from the budget it receives from government,” Mr Conway said.
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.
