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AIST calls for 'more transparency' on levies

AIST calls for 'more transparency' on levies

Tim Stewart
— 1 minute read

Industry fund lobby group the Australian Institute of Superannuation Trustees (AIST) has called on Treasury to provide more details about its proposed levies for APRA, ASIC and the ATO.

In a submission to Treasury on the Proposed Financial Institutions Supervisory Levies for 2016-17, AIST said it is "again concerned" about the lack of detail.

"Insufficient detail renders the proposal as non-compliant with the Government’s Cost Recovery Guidelines and Charging Framework," the submission stated.

"AIST calls for proposed levies papers to attach Cost Recovery Impact Statements (CRIS) and the outcomes of the Regulator Performance Framework from all regulators (even if in draft)," it said.

The lobby group reiterated its belief that ASIC's proposed user-pays model, announced by the government in April 2016, should "not occur without further consultation".

"We seek information as to how the additional approx. $120 million funding to ASIC will be raised," said AIST.

"The Proposed Levies Paper does not provide certainty regarding how these matters will be handled either now or in the future.

"This further underpins AIST’s call for a CRIS from all regulators which receive levy money and implementation of the consultation processes," the group said.

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AIST calls for 'more transparency' on levies
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