ASIC confirms what its 2020-21 levy might have been
Financial advisers now know the degree to which they have dodged a regulatory cost bullet via the Government’s decision to place a hold on Australian Securities and Investments Commission levy increases with the regulator confirming what they would otherwise have been paid.
ASIC today released the industry funding model for 2020-21 confirming that the cost of regulating the sector in 2020-21 was $71.4 million, up from $56.2 million in 2019-20.
In outlining the cost recovery data, ASIC noted that in August the Government had announced that the graduated component of the ASIC levy for the subsector would be capped at $2018-19 levels of $1,142 per adviser for 2020-21 and 2021-22.
“This will result in partial cost-recovery for this subsector,” it said.
“ASIC’s cost of regulating these licensees in 2019–20 was $56.2 million. The estimated cost of regulating the subsector for 2020–21 is $71.4 million.”
“Following the decision to cap levies, and assuming an estimated 18,750 advisers and 2,934 licensees in 2020–21, the estimated costs that will be recovered from this subsector for 2020–21 is $25.8 million,” the ASIC document said.
"Extracted"? What a peculiar choice of language. The word carries an unmistakable undertone of theft or exploitation—as if something was…
Yep, it seems like every day I am receiving some communication from the ATO. Your installments have changed, here’s your…
She left off other ridiculous things like indexation of TBC’s and apportionment rules, refundable franking credits and inconsistent death benefit…
0.8% on $12T for asset management, RE, trustee and member services including administration, reporting, managing death benefits and information and…
Did they provide a reassuring note to investors that if claims against Interprac become significant, they will simply shut it…