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Corporations (Fees) Amendment (ASIC Fees) Act 2018

Authoritative Version
  • - C2018A00055
  • In force - Latest Version
Act No. 55 of 2018 as made
An Act to amend the Corporations (Fees) Act 2001, and for related purposes
Administered by: Treasury
Originating Bill: Corporations (Fees) Amendment (ASIC Fees) Bill 2018
Registered 03 Jul 2018
Date of Assent 28 Jun 2018
Table of contents.

Commonwealth Coat of Arms of Australia

 

 

 

 

 

 

Corporations (Fees) Amendment (ASIC Fees) Act 2018

 

No. 55, 2018

 

 

 

 

 

An Act to amend the Corporations (Fees) Act 2001, and for related purposes

  

  


Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 2

3............ Schedules............................................................................................ 2

Schedule 1—ASIC fees                                                                                                       3

Corporations (Fees) Act 2001                                                                                   3

 


Commonwealth Coat of Arms of Australia

 

 

Corporations (Fees) Amendment (ASIC Fees) Act 2018

No. 55, 2018

 

 

 

An Act to amend the Corporations (Fees) Act 2001, and for related purposes

[Assented to 28 June 2018]

The Parliament of Australia enacts:

1  Short title

                   This Act is the Corporations (Fees) Amendment (ASIC Fees) Act 2018.

2  Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this Act

The day after this Act receives the Royal Assent.

29 June 2018

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3  Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1ASIC fees

  

Corporations (Fees) Act 2001

1  Title

Omit “things done under the Corporations Act 2001”, substitute “chargeable matters”.

2  Section 3

Omit “the Corporations Act 2001”, substitute “an Act”.

3  Subsection 4(1) (at the end of the definition of chargeable matter)

Add:

                  ; (m)  the lodgment of a document under paragraph 17G(c) of the Insurance Act 1973 or paragraph 195(c) of the Life Insurance Act 1995;

                     (n)  the making of an application to ASIC for an exemption or declaration, or a variation or revocation of an exemption or declaration, under Part 29 of the Superannuation Industry (Supervision) Act 1993.

4  Section 5A (heading)

Repeal the heading, substitute:

5A  Differential fees

5  Section 5A

Before “The”, insert “(1)”.

6  At the end of section 5A

Add:

             (2)  The regulations may prescribe, in relation to a chargeable matter, different fees having regard to whether the matter is of low, medium or high complexity.

             (3)  The regulations may prescribe, in relation to a chargeable matter, different fees having regard to any matter relating to the person by whom the fee for the matter is payable.

             (4)  ASIC may, by legislative instrument, make a determination specifying criteria for whether a chargeable matter is of low, medium or high complexity for the purposes of subsection (2).

             (5)  However, if no such determination is in operation, the fee for a chargeable matter is the fee prescribed by the regulations for the chargeable matter of low complexity.

7  Paragraph 6(1)(a)

Omit “$10,000”, substitute “$200,000”.

8  Subsection 6(3)

Omit “$50,000”, substitute “$300,000”.

9  Subsections 6(4) and (5)

Omit “$100,000”, substitute “$300,000”.

10  At the end of subsection 7(1)

Add:

                  ; (m)  for a chargeable matter referred to in paragraph (m) of that definition:

                              (i)  person liable—the person who lodges the document; and

                             (ii)  time liability incurred—when the document is lodged;

                     (n)  for a chargeable matter referred to in paragraph (n) of that definition:

                              (i)  person liable—the person who makes the application; and

                             (ii)  time liability incurred—when the application is made.

11  Section 8

Omit “and 6”, substitute “, 6 and 7”.


[Minister’s second reading speech made in—

House of Representatives on 24 May 2018

Senate on 19 June 2018]

(140/18)