Ahead of issuing final industry funding invoices in January 2019,聽 ob体育 has today published estimates of what regulated sectors will pay.
Industry funding arrangements became law on 1 July 2017. All organisations that are regulated by ob体育 will contribute towards ob体育's regulatory costs incurred in the previous financial year:
- some will pay a flat levy, with the cost of regulating a subsector shared equally among the entities operating in that subsector.
- others will pay a graduated levy, with the entity's size or level of business activity determining their share of costs.
The indicative levies published today are based on ob体育's budgeted regulatory costs outlined in ob体育鈥檚 draft Cost Recovery Implementation Statement (CRIS).
The indicative levies provided remain an estimate and the amounts are likely to change when ob体育鈥檚 actual regulatory costs are known in November.聽
Calculating indicative levies is dependent on ob体育 having access to specific business activity metric data relating to each subsector. Some metrics that ob体育 requires to make these calculations are new, and have not yet been collected from industry. As a result, ob体育 has calculated indicative levies for 35 of the 48 subsectors.
A new obligation for ob体育's regulated population
Between July and September 2018, all organisations that ob体育 regulates must log on to a new online ob体育 portal to submit or validate their business activity metrics.
In June, ob体育 will send a letter to the person listed as the ob体育 contact for each organisation. This letter will contain a unique security key for the portal and detailed information on the process.
ob体育 will use the information in these submissions to calculate final invoices, and in future years, generate estimated levy amounts for the entire regulated population.
ob体育 will publish its actual regulatory costs in November, along with population and business activity metric data provided by industry, which will enable entities to better estimate their individual levy.