ASIC Supervisory Cost Recovery Levy Act 2017

The amount of levy payable by a leviable entity for a financial year is the amount worked out in accordance with the regulations.

The objectives are:

that the total amount of levy payable by all leviable entities in relation to a financial year equals the amount of ASIC’s regulatory costs for the financial year; and

that the total amount of levy payable by all leviable entities in a particular sector or sub‑sector in a financial year equals the amount of ASIC’s regulatory costs relating to that sector or sub‑sector for that financial year.

For the purposes of subsection (2), disregard the effect of section 15 of the ASIC Supervisory Cost Recovery Levy (Collection) Act 2017 (about waiver of levy payable).

Before the Governor‑General makes regulations under subsection (1), the Minister must be satisfied that the regulations are consistent with the objectives stated in subsection (2).

Without limiting subsection (1), the regulations may do one or more of the following:

specify an amount or a method for determining an amount;

specify different amounts or methods for different classes of leviable entities, different sectors or different sub‑sectors;

specify a nil amount, or a method resulting in a nil amount;

specify methods that refer to acts done or circumstances existing before either the commencement of the regulations or the commencement of this Act, or both.

Regulations made for the purposes of subsection (1) may provide for ASIC to make, by legislative instrument, for each financial year, a determination specifying one or more of the following:

amounts to be used for that financial year in a method or methods specified in the regulations;

the number of leviable entities in a particular class, sector or sub‑sector in that financial year.

Before ASIC makes a legislative instrument as mentioned in subsection (6) for a financial year, ASIC must be satisfied, having regard to information provided to ASIC, that the legislative instrument is consistent with the objectives stated in subsection (2).

A legislative instrument made by ASIC as mentioned in subsection (6) may only be made, for a financial year, after the last day by which returns relating to the financial year must be lodged with ASIC under section 11 of the ASIC Supervisory Cost Recovery Levy (Collection) Act 2017.

Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply in relation to the following:

regulations made for the purposes of subsection (1);

a legislative instrument made by ASIC as mentioned in subsection (6).