The Australian Securities and Investments Commission (ASIC) has released details of the arrangements to be set in place to recover actual costs in performing their role as a regulator. Their costs for operating expenditure (excluding depreciation and fee-for-service activities) and capital expenditure will be recovered from the areas they regulate regulate.
All business which are regulated by ASIC eg Companies, are being encouraged to be conscious of the increase fees in this financial year 2017-18.
The new fees will begin to be billed by ASIC in January 2019 but will apply to this financial year and this is the reason it is imperitive that businesses be aware now.
For the larger listed companies, the annual fees will be calculated by a calculationinvolving their market value, whereas smaller listed companies under $5million will pay a fixed fee of $4000.
Small Proprietory companies are to be charged a flat levy, via an increase in the annual review fee for those companies from 1 July 2018. The amount of this increase to recover costs fro this sector is anticipated to be available later in the year in October.
If you have any questions in relation to these fees or other issues you may have, please message, email or call our office ph 1300 854 159