The Australian Securities and Investments Commission (ASIC) has issued instructions to insurers and other companies on ensuring they are correctly invoiced for regulation expenses.

ASIC Commissioner Cathie Armour says the shift to industry funding marks a new era, and it is important organisations understand their legal obligations.

“This is the first year of an entirely new funding model for ASIC and we appreciate this is new ground for those organisations we regulate too,” she said.

Organisations must submit or confirm pre-populated business activity statements before September 27, with ASIC using the information to calculate an entity’s share of regulatory costs.

“We have set up an online process to make it as straightforward and convenient as possible, so it is now up to industry,” Ms Armour said.

Most small proprietary companies will not need to visit the portal, and will instead pay $4 on top of their annual review fee to minimise the reporting burden.