ASIC Fees Removed for Charities
25 October 2012 at 8:56 am
Under the new charity regulator, the ACNC, charities registered as corporations will not have to pay the annual review fees currently charged by the Australian Securities and Investments Commission (ASIC).
On July 1, 2013 the oversight of registered charities which are corporations will move from ASIC to the ACNC.
“These charities will no longer have to pay annual ASIC fees, and the ACNC will not be charging annual fees," the Assistant Treasurer David Bradbury said.
"Many of Australia's prominent charities are companies limited by guarantee. Removing annual fees for charitable corporations is another benefit that comes from having a dedicated national regulator for Australian charities.”
The current annual fee for most charitable corporations that are registered with ASIC is $43, but for some it can be up to $1,086.
It is estimated that around 1,400 charities will benefit from the removal of ASIC annual fees.
The planned start date of the ACNC was expected to be October 1, 2012. However delays to the passage of legislation through Federal Parliament means the ACNC will not open its doors until late November or December.
Debate is not expected to resume on the Senate until October 29.