Levy mix change means less overall
New details show the financial services industry will pay $30 million less for regulation, with the release of the Federal Government’s levies to be charged to regulators.
The Treasury announced the reduction of levies in the recent budget.
Overall there will be less money for the activities of various government regulators, with the Australian Securities and Investments Commission (ASIC) and the and the Australian Tax Office (ATO) facing reductions.
The Australian Prudential Regulation Authority (APRA) will receive an increase on its levies.
Most of the $30 million saving stems from reduced costs for the implementation of SuperStream reforms.
Treasury says the reduction in SuperStream levies is consistent with the temporary nature of the levy on APRA regulated superannuation funds during the roll-out of SuperStream reforms.
The newly-released list of proposed Financial Institutions Supervisory Levies show APRA will collect $1.3 million more in the coming financial year than in the past, with its total levy collection now up to $116.9 million.
ASIC’s levy collection will be reduced by $3.7 million to $28.5 million, the ATO by $200,000 to $7.3 million and SuperStream by $27.8 million to $71.7 million.
Collectively, levies drop from $259 million to $228.7 million, but remain separate to other regulatory body funding in the budget.
The Treasury says levies will be used to settle expenses for consumer protection, financial literacy, and regulatory and enforcement activities undertaken by ASIC, APRA and the ATO.