In July this year, the corporate regulator began issuing letters to organisations to complete their business activity statements before 27 September 2018.
Organisations must submit or confirm pre-populated business activity metric data on the operation of their business from the previous financial year via the new online ASIC Regulatory Portal for the corporate regulator to calculate an entity’s share of the regulatory costs for the previous financial year.
ASIC has announced that failure to meet the deadline will be considered a criminal offence.
ASIC Commissioner Cathie Armour said that entities that have the letter from ASIC should act now and follow the steps outlined to complete the process.
“Entities that do not have their letter should refer to our website to find out what they need to do by 27 September,” Ms Armour said.
“We appreciate that this is an entirely new funding model for all involved, and our focus is on ensuring people know what they need to do.”
Small proprietary companies not operating in the financial services industry sector will not need to submit data. Charities registered with the Australian Charities and Not for Profits Commission (ACNC) will also not be required to submit metrics, as reported earlier by Accountants Daily.
The industry funding arrangement has been met with significant backlash from the industry, with liquidators, for example, having to pay a minimum of $2,500, with a further $125 per appointment and notifiable event.
Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.