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New ASIC levies and fees to impact on charities

The Federal Government has introduced a new funding system for the Australian Securities and Investments Commission (ASIC), called the ASIC Industry Funding Model. It means a company regulated by ASIC will need to pay a levy. This will apply to all public companies limited by guarantee (CLGs) including those CLGs that are also registered with the Australian Charities and Not-for-profits Commission (ACNC). If you are a CLG you are likely to have to pay a levy of $321 for the 2017-2018 financial year. ASIC will send letters in January 2019 and you will have 30 days to pay the levy.

On top of this levy, a new fee-for-service regime is also being introduced. This means ASIC will charge new fees for things it might do for a company, such as when a company wants to change its name.

To view the full Justice Connect article, click here.

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