Bill
Superannuation Industry (Supervision) Amendment (ASIC Fees) Bill 2018
passed, as at 2018-06-28. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2018-05-24
- second reading — 2018-05-24
- second reading — 2018-06-18
- second reading — 2018-06-18
- third reading — 2018-06-18
- introduced — 2018-06-19
- second reading — 2018-06-19
- second reading — 2018-06-28
- second reading — 2018-06-28
- third reading — 2018-06-28
- passed — 2018-06-28
- royal assent — 2018-06-28
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2018-05-24.
This bill is part of a package that would let ASIC charge more for its regulatory work.
The package would raise the maximum fees ASIC can collect and create new fees for tasks under several Acts, including the Life Insurance Act 1995 and the Insurance Act 1973.
ASIC could set different fees based on the entity type and the complexity of the application, and charge extra for changing or cancelling an SMSF auditor's registration.
- Raises the caps on fees ASIC can recover for regulatory services.
- Expands the definition of chargeable matter to include new fees under the Life Insurance Act 1995, the Insurance Act 1973 and the SIS Act.
- Allows regulations to prescribe different fees based on entity type.
- Allows regulations to set fees according to low, medium or high complexity.
- Lets ASIC determine by legislative instrument whether an application is low, medium or high complexity.
- Permits ASIC to charge additional fees for varying, revoking or cancelling an approved SMSF auditor's registration.
Entities that pay fees to ASIC for regulatory services, including approved SMSF auditors.
Sources
em
billhome
frl act