The Government’s industry funding arrangements for ASIC became law in 2017. This is the first year of the new regime where ASIC will recover most of its regulatory costs from the regulated industries.
ASIC has advised that the changes will impact a number of existing services and transactions, including:
- Account balance updates and debt reports (e.g. RA67 and RA63) - These services will not display any money owning that relates to industry funding. Entities that have a specific obligation relating to industry funding will need to refer to the invoice they receive at the end of January 2019 for details of levies payable. Due to the confidential and commercially sensitive nature of the levies, there are no plans to incorporate levies payable through ASIC's Registry online services. Should agents and other third parties wish to see the details of levies payable can do so through the ASIC Regulatory portal.
- Payment method details (e.g. BPAY) - Industry funding will use different payment references (i.e. customer reference number) than the current account. Entities will need to refer to their invoice for specific industry funding payment details and options.
- Company deregistration and reinstatement - Companies cannot be deregistered or reinstated if they have any outstanding liabilities; this includes industry funding levies and penalties.
Entities need to ensure that they have paid all money owing to ASIC prior to applying for deregistration or reinstatement.
More information about industry funding, who is affected, and what is involved is available at www.asic.gov.au/industry-funding.