Registered charities exempt from ASIC Funding Levy

The ASIC Supervisory Cost Recovery Levy Amendment (Enhancements) Regulations 2018 Schedule 2 commenced 1 July 2018, confirming that charities registered with the ACNC will be exempt from paying the proposed annual levy.

The ACNC made a submission to the Treasury Consultation for these regulations in May 2018, urging that charitable companies be excluded from paying the annual levy as it was “disproportionate to ASIC’s actual regulatory oversight of charitable companies,” given the ACNC’s role as principal regulator of companies that are registered charities.

Under the regulations, a charitable company will be exempt from having to pay the levy for a financial year if it was registered with the ACNC on 30 June of that year.

This decision retains fee free regulation by the ACNC for all charities.

The regulations are now available to read at legislation.gov.au – see Schedule 2 for further information.