ASIC Reminds Business Of Its Reporting Obligations
22nd Aug 18
If your business is regulated by the Australian Securities and Investment Commission (ASIC), it may be required to submit information to the the Australian Government that will be used to determine the fees that will be paid. The reporting deadline is 27 September 2018.
Key Issues For The Dental Industry —
Revised funding arrangements for the Australian Securities and Investments Commission (ASIC) requires businesses regulated by ASIC to contribute towards the associated regulatory costs incurred in the previous financial year. Many businesses regulated by ASIC are required to submit some information to ASIC on the operation of your business before 27 September 2018.
To enable ASIC to calculate invoices, organisations must submit or confirm pre-populated business activity metric data on the operation of their business from the previous financial year. This will be done via the new online ASIC Regulatory Portal.
It is important to note that most small proprietary companies are not required to submit data.
To support businesses, ASIC has published an instructional video that shows entities how to complete the whole process - from using the unique industry funding security key to register and log into the ASIC Regulatory Portal, to submitting some information on the operation of a business in the previous financial year. There is also a checklist which provides a summary of the 'business activity metrics’ organisations need to submit to ASIC.
Most small proprietary companies - the majority of Australia's approximately 2.4 million registered companies - will not need to visit the portal to submit or validate business activity metrics. Instead, they will pay an additional $4 on top of their annual review fee. This simple fee increase was designed to reduce the reporting burden on small proprietary companies.
ASIC has stated that complying with industry funding obligations is simple and that an online process should make it straightforward. Instructions have already been sent out by ASIC to businesses affected by the change.
Member Engagement —
Employees of member businesses serving on the ADIA-TCPC Trade & Commercial Policy Committee provide advice and guidance to the team within the ADIA National Office with responsibility for negotiating business regulation with government . The regular ADIA State Branch Briefings provide member updates to the commercial, regulatory and technical framework in which dental products are supplied.
Further Information —
If you have an interest in ADIA's work at a parliamentary and departmental level to secure the policy reforms that support businesses in the dental industry, for updates subscribe to the Twitter feed @AusDental or follow us on Facebook at www.facebook.com/dental.industry. Alternatively, you can contact the Association via email at firstname.lastname@example.org or by telephone on 1300 943 094.
Currency Of Information & Disclaimer —
This update was issued on 22 August 2018 and please note that changes in circumstances after the publication of material or information may impact upon its accuracy and also change regulatory compliance obligations. The statements, regulatory and technical information contained herein are believed to be accurate and are provided for information purposes only. Readers are responsible for assessing its relevance and verifying the accuracy of the content. To the fullest extent permitted by law, ADIA will not be liable for any loss, damage, cost or expense incurred in relation to or arising as a result of relying on the information presented here.
This publication is available for your use under a Creative Commons Attribution 3.0 Australia licence, with the exception of the ADIA logo, images and where stated.
5th Mar 18
The TGA is proposing to levy for the first time an application fee for placing Class 1 medical devices on the Australian Register of Therapeutic Goods (ARTG), a proposal that will significantly add business compliance costs.
31st Jan 19
Small businesses will get an extra tax break with the Australian Government extending the instant asset write-off to mid-2020.