The Turnbull Government is committed to improving consumer outcomes in the financial services sector. The ASIC industry funding model is an important element in the Government’s plan to deliver on this commitment.
Under the ASIC industry funding model, the costs of regulation are borne by those that have created the need for it through the payment of levies, rather than the Australian public. Industry funding increases transparency, makes industry more accountable for its behaviour and makes ASIC a stronger regulator.
However, recognising the unique and important role charities play in our society, the Government will absorb ASIC’s costs of regulating the charities sector. This means that registered charities will not have to pay ASIC levies.
"As a result of this decision, over 8,000 incorporated registered charities can now direct the fees they would have had to pay to ASIC towards charitable purposes" the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP said.
The Government appreciates industry’s engagement throughout the development of the industry funding model and its associated Regulations.
This change forms part of a broader set of amendments to the Regulations underpinning the ASIC industry funding model. Further details on these Regulations and the industry funding model can be found on ASIC’s website.