Australian Financial Services Licence ("AFSL") and Australian Credit Licence ("ACL") holders are required to submit their business activity metrics by 27 September 2022.
Business activity metrics are submitted via the ASIC Regulatory Portal. AFSL and ACL holders can submit their metrics using the specific industry funding security key and ASIC identifier provided to you by ASIC.
Civil penalties apply for failure to lodge by the due date, so it's important all AFSL and ACL holders take action to lodge their metrics as soon as possible.
What are the Business Activity Metrics?
The Industry Funding Model commenced on 4 July 2018, requiring AFSL and ACL holders to contribute to ASIC's regulatory costs each financial year. The Industry Funding Model allows ASIC to meet its goals set out under the ASIC Capability Review.
How are the Business Activity Metrics Calculated?
ASIC will use the business activity metrics provided by each firm to calculate the levies payable for each regulated subsector. The type of levy and the formula used to calculate the amount of levy payable varies depending on the size and levels of business activity.
| ENTITY TYPES | SUBSECTORS |
| Credit Licence |
|
| Companies |
|
| AFSL Holders |
|
Business activity metrics are calculated on the following basis:
- Flat levy;
- Graduated levy; or
- Combination of the above.
| LEVY BASIS | COSTS |
| Flat Levy | ASIC will divide the regulatory costs shared equally between the entities operating in the same subsector. |
| Graduated Levy |
All entities in a subsector must pay:
|
Further reading
- Key information and tutorial videos accessible here.
- ASIC's Business Activity Checklist can assist you with completing your metrics correctly
- Industry Funding and Business Activity Metrics
- Your next ASIC invoice - ASIC releases Indicative Cost for 2021-2022
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