ASIC will receive $1.4 million over four years to provide an online registration for financial planners, who will be required to become registered tax agents from 30 June 2013.
The cost of the registration service will be offset by fees charged by the Australian Taxation Office (ATO).
The government also provided ASIC with $7.8 million over two years to improve the regulator’s client contact service levels and support the introduction of the online National Business Names register.
To offset the measure, ASIC will raise its fees for registering a business name from $30 for one year and $70 for three years to $32 and $74, respectively.
ASIC will also receive $5.9 million over four years to implement the government’s reforms to the supervision of the over-the-counter (OTC) derivatives markets.
The cost of the OTC measures will be offset by an increase in financial services levies paid to the Australian Prudential Regulation Authority (APRA).
When it comes to superannuation, the Superannuation Complaints Tribunal (SCT) will receive additional funding of $2.6 million over four years to “support its funding”.
The additional funding to the SCT will be paid for by an increase to the levy on APRA-regulated superannuation funds.
Finally, $200 million has been allocated to support the recently announced Charter Group that will oversee and consult with the Charter of Superannuation Adequacy and Sustainability and the Council of Superannuation Custodians.
