Organisations and individuals regulated by ASIC must act by this Thursday 27 September to meet their legal obligations under new industry funding laws.
ASIC sent a letter in July to each organisation and individual’s company’s registered office address. This letter advised how to provide industry funding contact details and submit business activity metrics in the new ASIC Regulatory Portal by 27 September 2018. ASIC will use this information to calculate invoices.
Entities that have the letter from ASIC should act now and follow the simple steps outlined to complete the process. Those that do not have their letter are still able to fulfil their obligations. ASIC’s website at www.asic.gov.au has the details on what they need to do by 27 September.
ASIC Commissioner Cathie Armour thanked the thousands of people who have already completed the process. “We are all settling in to this new funding model and your attention and time toward completing the process is appreciated,’ Cathie said. ‘The deadline is a few days away and we are urging the rest of our industry stakeholders to act now and complete the process online.”
Most small proprietary companies or registered charities are not required to submit data.
Small proprietary companies only need to visit the portal if they operate in a financial services industry sector regulated by ASIC. The Government will absorb ASIC’s costs of regulating charities. Those charities registered with the Australian Charities and Not for Profits Commission (ACNC) are also not required to visit the portal to submit business activity metrics.
More information about industry funding.