The levies payable by industry sectors for the 2020-21 financial year to recover ASIC’s FY2020-21 regulatory costs have now been published in Cost Recovery Implementation Statement: ASIC industry funding model (2020–21).
Listed corporations: $4,000 plus $0.34 per $10,000 of market capitalisation above $5m.
Maximum levy of $676,030, for entities with a market capitalisation of greater than $20bn
Unlisted public companies: Flat levy $414
Large proprietary companies: $508
Deposit-taking and credit sector
Credit providers (including small and medium amount credit providers): Minimum levy of $2,000 plus $0.54 per $10,000 of credit provided above $100 million (for other than small and medium amount credit contracts)
Small and medium amount credit providers: $16.61 per $10,000 of credit provided under small and medium amount credit contracts
Credit intermediaries: Minimum levy of $1,000, plus $96.65 per credit representative
Deposit product providers: $2,000 plus (if the entity’s metric exceeds $10m) $1.71 per $1m of total deposits above $10m
Payment product providers: $2,000 plus $34.74 per $100,000 of total revenue from payment product provider activity
Superannuation trustees: $18,000 plus $16.06 per $1m of total assets above $250m
Responsible entities: $7,000 plus $20.08 per $1m of total assets above $10m
Insurance product providers: Minimum levy of $20,000 plus $4.45 per $10,000 of revenue above the $5m threshold
Insurance product distributors: Flat levy $1,423
Risk management product providers: $4,435
Financial advice sector
The ASIC Supervisory Cost Recovery Amendment (Levies Relief) Regulations 2021 temporarily reduce the cost of ASIC levies for the sub-sector that is licensees that provide personal advice on relevant financial products to retail clients.
The Government has announced that it would cap the graduated levy component per adviser for two years, in response to significant increases in costs for the sub-sector. The Amendment Regulations set the maximum cost of the graduated levy component per adviser to the level it was at in 2018-19 (i.e. $1,142).
The Amendment Regulations apply to levies payable in relation to ASIC’s regulatory costs for 2020-21 and 2021-22.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.