Under the ASIC industry funding model, the costs of regulation are borne by those that have created the need for it through the payment of levies, rather than the Australian public.
The Government will absorb ASIC’s costs of regulating the charities sector. This means that registered charities will not have to pay ASIC levies.
“As a result of this decision, over 8,000 incorporated registered charities can now direct the fees they would have had to pay to ASIC towards charitable purposes” the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP said.
Charities now exempt from new ASIC Supervisory Cost Recovery (Volunteering)