Commonwealth Numbered Regulations - Explanatory Statements

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CORPORATIONS (FEES) AMENDMENT REGULATIONS 2004 (NO. 1) 2004 NO. 209

EXPLANATORY STATEMENT

Statutory Rules 2004 No. 209

Issued by the Parliamentary Secretary to the Treasurer

Corporations (Fees) Act 2001

Corporations (Fees) Amendment Regulations 2004 (No. 1)

Section 8 of the Corporations (Fees) Act 2001 (the Act) provides that the Governor-General may make regulations for the purposes of sections 5 and 6 of that Act.

The Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 introduces a new regime for the oversight, qualification and registration of auditors and reforms aspects of the financial reporting and disclosure regime. As a result of the establishment of new registration requirements for auditors and new forms of audit practice, new fees for the administration of such registration services are required.

These Regulations include amendments relating to:

•       registered company auditors; and

•       authorised audit companies.

Details of the Regulations are set out in the Attachment. All Regulations commence on the date of their notification in the Gazette.

Details of the Corporations (Fees) Amendment Regulations 2004 (No. 1)

Regulation 1 provides that the name of the Regulations is the Corporations (Fees) Amendment Regulations 2004 (No. 1).

Regulation 2 provides that these Regulations commence on the date of their notification in the Gazette.

Regulation 3 provides that Schedule 1 of the Regulations amends the Corporations (Fees) Regulations 2001 (the Principal Regulations).

SCHEDULE 1

Item 1

Application for registration as an auditor or liquidator

Item 3 in Schedule 1 of the Principal Regulations prescribes the fees payable on an application for registration as a company auditor or liquidator.

The amendment replaces the existing item 3 in Schedule 1 and inserts a new item 3A.

The only difference between the existing item 3 and its replacement is the insertion of a fee of $150 for the electronic lodgement of an application for registration as a company auditor. The existing fee of $330 will be retained for applications that are not lodged electronically. All other fees in item 3 reflect fees specified in the current Schedule 1, item 3.

Item 3A prescribes the fees for lodgement of an annual statement by a company auditor under section 1287A of the Corporations Act 2001. A fee of $65 is prescribed for the electronic lodgement of a statement, while a fee of $135 is prescribed for statements that are not lodged electronically.

Item 2

Application for registration as an Authorised Audit Company

Item 51 provides for fees in respect of the lodgement with the Australian Securities and Investments Commission (ASIC) of an application for registration as an authorised audit company under s.1299A of the Corporations Act. A differential fee structure has been adopted depending on whether the application is made in electronic form or in any other form.

Lodgement of annual statement by an Authorised Audit Company

Item 52 provides for fees in respect of the lodgement with ASIC of an annual statement by an authorised audit company under s.1299G of the Corporations Act. A differential fee structure has been adopted depending on whether the application is made in electronic form or in any other form.


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