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Exemptions granted as ASIC funding model row continues

Tax

The government has announced that registered charities will no longer have to pay levies to the corporate regulator amid considerable backlash for its funding model.

By Adrian Flores 8 minute read

More than 8,000 incorporated registered charities will be granted exemptions as a result of this decision, said Minister for Revenue and Financial Services, Kelly O’Dwyer.

This change forms part of a broader set of amendments to ASIC's funding model, and the changes related to financial and professional services have received significant backlash. 

For example, legislation passed last week to make way for an 18-fold increase in fees for SMSF auditors, with ASIC intending to increase the SMSF auditor registration fee from $107 for new SMSF auditors up to $1,927.

ASIC also intends to charge auditors $899 when they apply to exit the sector under the new ASIC funding model. Currently, there is no fee where an SMSF auditor makes a request for their registration to be cancelled, and there is no fee applied where an auditor is disqualified, meaning it will be less costly for auditors to be forcibly removed than if they elect to leave.

The proposed hikes in fees for SMSF auditors has received considerable backlash from both SMSF auditors and the profession broadly.

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Adrian Flores

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