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ASIC has released the indicative levy amounts for the 2024-25 financial year. The Cost Recovery Implementation Statement (CRIS) details ASIC's recoverable costs and how these costs are allocated to participants in the financial services and credit industries. We encourage all Australian Financial Services Licence (AFSL) and Australian Credit Licence holders to:
- Review the CRIS for their estimated levy; and
- Update their cash flow projections and budgets in anticipation of the invoice from ASIC in January 2026.
How much are you likely to pay?
| Corporate Subsectors | Budgeted cost recovery amount ($ in Millions) | Number of Entities | Indicative minimum levy/flat levy ($) | Levy Metric Description |
|---|---|---|---|---|
| AUSTRALIAN FINANCIAL SERVICES LICENCES | ||||
| Retail OTC Derivative Issuers | 13.623 | 80 | 177,632 | The number of days AFS licensee was authorised to provide financial service in the leviable financial year. |
| Payment Product Providers | 5.354 | 651 | 2,000 plus $8.19 per $10,000 of total revenue from payment product provider activity | The total gross revenue received in the financial year in connection with non-cash payment products issued by the entity less expenses incurred during the financial year from dealing in non-cash payment facilities. |
| Risk Management Product Providers | 0.045 | 85 | 500 | The number of days AFS licensee was authorised to provide financial service in the leviable financial year. |
| Margin Lender | 0.021 | 25 | 874 | The number of days AFS licensee was authorised to provide financial service in the leviable financial year. |
| Securities Dealer | 7.039 | 1,220 | 1,000 plus $36.86 per $1 million of annual transaction turnover | The total value of transactions in securities (as measured by
the buy price plus sale price of securities) that are:
|
| Responsible Entities | 27.191 | 416 | 7,000 plus $14.90 per $1 million of assets above the $10 million threshold | The total value of assets in all registered schemes operated by the entity at the end of the financial year, except any assets that are an interest in another registered scheme operated by the entity and, if the entity is also a wholesale trustee, any interest in an unregistered scheme issued by the entity. |
| Wholesale Trustees | 6.042 | 1,961 | 1,000 plus $4.11 per $1 million of adjusted total assets | The total value of assets in all unregistered schemes at the end of the financial year, except any assets that are an interest in another registered or unregistered scheme operated by the wholesale trustee or any assets that are an interest in a notified foreign passport fund issued by the entity if the entity forms part of the operators of a notified foreign passport funds sub-sector. |
| Custodians | 2.252 | 1,423 | 1,583 | Flat Levy |
| Financial Advice Providers - AFS licensees authorised to provide personal advice to retail clients on relevant products | 39.271 | 2,680 AFS licensees with 15,233 advisors | 1,500 plus $2,314 per adviser | The levy metric is based on the number of relevant providers
(within the meaning of s910A of the Corporations Act) that
are:
A licensee will only pay the levy in proportion to the number of days in the financial year that they held the relevant AFS licence authorisation. |
| Financial Advice Providers - AFS licensees authorised to provide personal advice to retail clients, only on products that are not relevant products. | 0.0044 | 565 | 80 | The number of days AFS licensee was authorised to provide
financial service in the leviable financial year. Note: The sub-sector regulatory costs will be shared equally between entities that are part of the sub-sector for the full financial year, because regulatory effort for each entity is not dependant on the size of the entity. |
| Financial Advice Providers - AFS licensees authorised to provide general financial product advice only | 5.234 | 1,122 | 4,665 | Flat Levy |
| Financial Advice Providers - AFS licensees authorised to provide personal advice to wholesale clients only | 1.642 | 1,991 | 825 | Flat Levy |
| AUSTRALIAN CREDIT LICENCES | ||||
| Credit Providers - all | 34.352 | 1,013 (includes small and medium amount credit providers) | 2,000 plus $43.21 per $1 million of credit provided above $100 million (for other than small or medium amount credit contracts). | The gross amount of credit provided by the entity in the financial year under credit contracts (other than small or medium amount credit contracts). |
| Credit Providers - small and medium amount credit providers | 4.942 | 196 | $37.34 per $10,000 of credit provided under small or medium amount credit contracts | The gross amount of credit provided under small and medium amount credit contracts. |
| Credit Intermediaries | 6.051 | 4,137 | 1,000 plus $43.00 per credit representative | The number of credit representatives (within the meaning of the National Credit Act) that the entity has at the end of the financial year. |
What do the levies pay for?
ASIC's budget is set by the Australian Government. ASIC is required to outline how it intends to recover its costs from various regulated subsectors using industry funding levies and fees for services based on transaction-based activities.
The CRIS includes the following components:
- An explanation of how ASIC implements the industry funding model (IFM), which describes how ASIC assigns costs to calculate the levies and fees for service;
- A summary of ASIC's estimated levies, categorised by industry subsector; and
- A detailed breakdown of ASIC's estimated costs and the areas of focus in their work, classified by sector and subsector.
ASIC expects that $349.3 million of its total budgeted resources will be recovered by the cost recovery levies and statutory industry levies for 2024-25. To address recommendations outlined in the Australian Government's ASIC Industry Funding Model (IFM) review report, ASIC and Treasury will establish a five-yearly consultation process with the industry. This process will examine the policy settings of the IFM, replacing the previously released annual consultation CRIS that ASIC used to release prior to the final CRIS.
What next?
ASIC regulated entities were required to submit business activity metrics via the Regulatory Portal prior to 25 September 2025 to allow ASIC to appropriately calculate the levy. Those entities who do not submit their details by the due date will nonetheless receive an invoice with an estimated levy. AFSL holders should also remember that the levy will be calculated on the basis of all authorisations included on the AFSL, including any authorisations that are not utilised throughout the 2024-25 financial year. Where an entity falls into more than one subsector, the invoice will include the relevant levies for all applicable subsectors.
ASIC expects that the figures released in the CRIS will allow industry participants to ensure they budget appropriately for the levy which will be invoiced in January 2026. AFSL holders should make sure to include the levy in cash flow projections moving forward to avoid any inadvertent breaches of their financial requirements in RG166.
Further Reading
ASIC's Cost recovery implementation statement 2024-25
Summary of ASIC's 2024-25 regulatory costs and estimated levies for subsectors
ASIC industry funding: Summary of 2023-24 actual levies
Financial advice sector - Detailed information about estimated 2024-25 costs and levies
Review of the ASIC Industry Funding Model - Final Report
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
