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

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 Commencement information 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Note: This table relates only to the provisions of this Act as originally enacted.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Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
ASIC 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

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

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)