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Serious penalties for missing ASIC’s business activity metrics deadline

Serious penalties for missing ASIC’s business activity metrics deadline

Organisations and individuals covered under ASIC’s industry funding arrangement have been reminded to submit their business activity metrics ahead of the impending deadline.

Business Jotham Lian 17 September 2018
— 1 minute read

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.

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Serious penalties for missing ASIC’s business activity metrics deadline
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