How much will you be forced to pay ASIC? Industry Funding Model draft regulations released

Companies, corporate advisers, auditors, liquidators, and many other entities can expect to be hit with extra regulatory costs when the Australian Securities and Investment Commission (ASIC) industry funding model (Industry Funding Model) commences on 1 July 2017.

The Industry Funding Model is designed to recover ASIC's regulatory costs by requiring all 'leviable entities', from across all industry sectors regulated by ASIC, to pay an annual levy.

The amount of levy payable by a leviable entity in a financial year will be the amount worked out in accordance with the regulations. The regulations were released by the government in exposure draft on 4 May 2017¹ (Draft Regulations).