ASIC (Supervisory Cost Recovery Levy—Annual Determination) Instrument 2025/690

This instrument, the ASIC (Supervisory Cost Recovery Levy,Annual Determination) Instrument 2025/690, sets the numerical parameters that ASIC will use for the calculation of supervisory cost recovery levies for the 2024-25 financial year. Mechanically, it does three things:

• It fixes the applicable financial year for the determination (s 5: “This determination applies to the 2024-25 financial year”).
• It specifies the sub‑sector population for each named sub‑sector for that financial year (s 6 and the table in s 6).
• It specifies the sub‑sector metric that applies for each sub‑sector for the purposes of the basic levy component and the graduated levy component (s 7 and the table in s 7).

The instrument is made by a delegate of ASIC, Lisa Rees, and executed on 30 October 2025 (cover page and signature block). The legal authority stated is section 73 of the ASIC Supervisory Cost Recovery Levy Regulations 2017 (s 3). The instrument also contains commencement mechanics: it commences the day after registration on the Federal Register of Legislation and takes effect according to the timing rules in s 11 of the ASIC Supervisory Cost Recovery Levy Act 2017 where those provisions apply (s 2(1)-(2)). Two explanatory notes in s 2 flag that s 11 of the Act contains special provisions dealing with disallowance and taking effect, and that subsection 9(9) of the Act allows instruments of this kind to have retrospective application before registration (s 2 Notes).

This instrument does not itself set levy rates in dollars for individual entities, nor does it prescribe how levy liabilities are calculated in full. Instead, it supplies the input data that the Regulations require for computing the basic and graduated levy components , the sub‑sector population and the sub‑sector metrics used in the definitions of “basic levy component” and “graduated levy component” in the Regulations (s 6; s 7). The instrument expressly relies on definitions in the Regulations: the definition of “Regulations” and the saving rule for expressions defined in the Regulations appear in s 4.

The text contains two tables. The first table (s 6) lists 48 items of sub‑sectors and the numeric “sub‑sector population” for each. The second table (s 7) maps those same sub‑sectors to the numeric “sub‑sector metric” to be used for the basic levy component and, where applicable, the graduated levy component (the table lists some sub‑sectors with two metrics or with bracketed unit labels, e.g. “messages” and “lots”). The instrument is narrowly tailored in scope: it is an annual determination of populations and metrics, not a change to the underlying Act or Regulations.

Officials and users should treat this instrument as data feedstock to the levy calculus established by the Regulations and the Act (the instrument was made under regulatory authority , s 3 , and refers to the relevant provisions of the Act for timing and disallowance , s 2).

The instrument relies on a small set of defined concepts and cross‑references to the Regulations and the Act. Those concepts determine how the numbers in the tables are to be used, and where to look for substantive definitions and calculation rules. The following concepts are present in the instrument and specified in it:

• Applicable financial year: defined in this instrument as the 2024-25 financial year (s 5). This determines the temporal scope of the population and metric tables.
• Regulations: the instrument defines “Regulations” to mean the ASIC Supervisory Cost Recovery Levy Regulations 2017 (s 4(a)). Where this instrument uses a term that is defined in the Regulations but not defined here, the instrument provides that the Regulations’ definition applies (s 4(b)).
• Sub‑sector population: the term is used in s 6. The instrument states that “For the purposes of the definition of sub‑sector population in subsection 4(1) of the Regulations, the sub‑sector population for the sub‑sector specified in column 2 of the table for the financial year is specified in column 3 of the table.” That is, the instrument itself supplies the numeric populations that feed the Regulations’ definition.
• Sub‑sector metric: the instrument sets the “applicable sub‑sector metric” for two calculation purposes: the basic levy component and the graduated levy component. Section 7 says these metrics are specified “for the purposes of the definitions of: (a) basic levy component in subsection 9(1) of the Regulations; and (b) graduated levy component in subsection 10(1) of the Regulations.” Thus the instrument does not define the levy components; it supplies the numeric metrics the Regulations require.
• Basic levy component and graduated levy component: these are terms used in the Regulations. The instrument links particular sub‑sector metrics to those components (s 7). The instrument itself does not define the formulas or dollar conversions; those are in the Regulations.

Other structural concepts appearing in the instrument:

• Delegated instrument: the instrument is made by a delegate of ASIC (signature block). The instrument gives no internal guidance about delegation beyond the signature.
• Commencement and effect: the instrument deals separately with legal commencement (registration on the Federal Register) and substantive effect (dates specified in the Act where s 11 applies), and it includes notes reminding readers to consult the register and the Act (s 2(1)-(2) and notes).
• Cross‑reference reliance: s 4(b) expressly preserves definitions from the Regulations for expressions used here, so understanding the instrument’s practical legal consequences requires consultation of the Regulations for definitions and of the Act for timing and disallowance provisions.

This determination affects every legal person or entity that is captured by the sub‑sector definitions in the ASIC Supervisory Cost Recovery Levy Regulations 2017, to the extent the Act and Regulations impose supervisory cost recovery levies. The instrument does not create new categories; instead it lists the sub‑sectors and provides the numeric populations and metrics that the Regulations use to compute levy shares for each sub‑sector.

The instrument’s s 6 table enumerates 48 sub‑sectors, and gives the “sub‑sector population” for each for the 2024-25 financial year. Examples include (all figures are taken from the s 6 table): Auditors of disclosing entities (population 122); Corporate advisors (284); Credit intermediaries (4,097); Responsible entities (411); Superannuation trustees (67); Large proprietary companies (11,771); Public companies (unlisted) (14,665); Registered company auditors (3,059); Registered liquidators (670); Wholesale trustees (2,008); and others. Item 25A (“Operators of notified foreign passport funds and regulated former notified funds”) is expressly 0 in the population table, which on its face indicates no counted entities in that sub‑sector for the year in question (s 6 table).

The s 7 table supplies “sub‑sector metric” values that will be used for the basic levy component and the graduated levy component calculations (s 7). Those metrics include large numeric values for sectors where the graduated levy appears to be scaled to an economic measure , for example, Deposit product providers’ sub‑sector metric is 3,341,332,529,545; Responsible entities’ is 1,818,960,960,800; Superannuation trustees’ is 2,777,051,381,734. Other sub‑sectors are counted with low numeric metrics (for example, custodian population metric 1,487; auditors of disclosing entities metric 703,335,662). Some sub‑sectors have metrics expressed with parenthetical unit labels: item 14 Large futures exchange participants lists "263,593,176 (messages) 426,443,603 (lots)" and item 17 Large securities exchange participants lists "6,592,680,103 (messages) 1,221,829,764 (transactions)". Those dual entries indicate that the graduated levy component may be driven by one or more distinct volume measures (s 7 table).

Who pays, in practical terms, is determined by the Act and Regulations using these tables. The instrument itself supplies the population counts and the metrics “for the purposes of” the Regulations’ definitions (s 6-7). Therefore, an entity’s sub‑sector classification (as defined in the Regulations) will determine whether it is within a listed sub‑sector and thereby affected by the populations and metrics fixed in this instrument. Because the instrument defers to the Regulations for definitional detail (s 4(b)), entities must consult the Regulations to determine whether they fall within a listed sub‑sector and are thereby included in the population counts and metric calculations for levy purposes.

This instrument itself primarily performs a declaratory function: it identifies the numeric inputs for levy calculation for 2024-25. It does not create a separate duty to pay, nor does it specify enforcement mechanisms or appeal rights. Those substantive duties and enforcement rights are established in the ASIC Supervisory Cost Recovery Levy Act 2017 and the Regulations; this instrument operates as an annual determination that the Regulations refer to.

Relevant duties arising indirectly from the instrument are:

• Entities that are subject to the Regulations will have an obligation, as those provisions prescribe, to pay supervisory cost recovery levies calculated using the “sub‑sector population” and “sub‑sector metric” values set out in this determination (the instrument supplies the values “for the purposes of” the Regulations’ definitions , s 6-7). The instrument itself does not restate the formulae or payment processes; to identify the precise duty to pay, consult the Regulations (ss 9(1), 10(1) are invoked in s 7).
• ASIC has the duty to make the annual determination under the authority in the Regulations (s 3). The instrument is explicitly made under s 73 of the Regulations (s 3), indicating that ASIC or its delegate must produce such determinations.

Rights and procedural safeguards referenced or suggested by the instrument include:

• The instrument is subject to the disallowance and timing rules in s 11 of the ASIC Supervisory Cost Recovery Levy Act 2017 (s 2(2) and Note 1 to s 2). That reference signals a parliamentary oversight mechanism: disallowance under the Act’s s 11 may affect when or whether the instrument takes effect. The instrument does not itself set out the disallowance mechanism; it points to the Act for that procedural right.
• Note 2 to s 2 states that subsection 9(9) of the Act has the effect that the instrument can have retrospective application before registration. This is a legal effect the Act confers rather than a right created by the instrument; however, it bears on entities’ exposure to liabilities if retrospective application occurs.

The instrument creates no express rights of review, objection, or correction in its text. It also does not contain any process for entities to challenge population or metric entries. Therefore, practical rights for affected persons to challenge inclusion, a population count, a metric number, or the instrument’s application will be determined by the Act and the Regulations or by general administrative law procedures external to this instrument. The instrument’s explicit preservation of definitions in the Regulations (s 4(b)) underlines that the operative duties and rights will be found in that secondary instrument and in the principal Act.

This instrument does not itself specify penalties, criminal offences, or enforcement procedures. It is a numerical determination that supplies inputs for levy calculations; enforcement, collection and penalty regimes are matters for the ASIC Supervisory Cost Recovery Levy Act 2017 and the Regulations referenced in this instrument. The instrument’s legal authority is expressly stated as being made under section 73 of the Regulations (s 3), which signals that enforcement provisions are handled elsewhere.

The instrument contains no provisions that:

• Require a named entity to pay a specified monetary amount;
• Prescribe a schedule for notices, invoicing, or collection; or
• Specify penalties, interest, or late payment consequences.

Because the instrument makes explicit reference to the Regulations for the definitions of the basic levy component and graduated levy component (s 7), the practical enforcement mechanisms , including the computation of a levy, the issuance of a liability notice, objection and review processes, and penalty regimes for non‑payment , must be sought in the Regulations and the Act. The instrument thus functions as a component in the broader enforcement scheme: it supplies data that the Regulations use to compute levy shares; once the Regulations’ computation produces a levy liability, the Act and Regulations will determine the enforcement route.

The instrument does provide two administrative procedural flags relevant to enforcement timing:

• Commencement and effect are linked to registration and to s 11 of the Act (s 2(1)-(2)); hence the effective date for enforcement (when liabilities are calculated as owing or due) may be affected by the Act’s special taking‑effect provisions.
• Note 2 to s 2 highlights that subsection 9(9) of the Act allows retrospective application. Retrospective effect would be a matter of statutory operation under the Act and could expose entities to obligations for a period before the instrument’s registration. Whether that produces penalty exposure depends on the Act’s penalty and retrospective payment provisions, not on this instrument.

In short, the instrument itself contains no penalty or enforcement text; it must be read with the Act and the Regulations to understand how a levy determined using these metrics will be enforced or penalised for non‑compliance.

The instrument is explicitly adjunctive to two other instruments: the ASIC Supervisory Cost Recovery Levy Act 2017 and the ASIC Supervisory Cost Recovery Levy Regulations 2017. It does not purport to amend those instruments; rather, it supplies regulatory inputs that those instruments require annually.

Key cross‑references in the instrument:

• Section 3 provides the statutory authority: the instrument is made under section 73 of the Regulations. That ties the instrument’s validity to the scope of the Regulations’ power to require annual determinations.
• Section 4 defines the term “Regulations” for the instrument as the ASIC Supervisory Cost Recovery Levy Regulations 2017 and instructs that expressions used in this instrument but defined in the Regulations carry the Regulations’ meanings (s 4(a)-(b)). Practically, this means that terms such as “sub‑sector”, “basic levy component”, “graduated levy component”, and the relevant procedural vocabulary are to be interpreted under the Regulations.
• Section 6 and section 7 each begin with the phrase “For the purposes of the definition of ... in subsection ... of the Regulations ...”, which directly links the instrument’s tables to the Regulations’ definitional and computational structure (s 6; s 7). The instrument does not reproduce the calculation rules or the operational definitions; it only populates the variables that the Regulations will use.
• Section 2 references section 11 of the ASIC Supervisory Cost Recovery Levy Act 2017 for special provisions dealing with disallowance and taking effect (s 2(2) and Note 1). It also references subsection 9(9) of the Act in Note 2 for retrospective application.

Because this instrument is data not policy, its interaction with other laws is confined to the following modes:

• It supplies numeric parameters that the Regulations use to compute levy liabilities imposed under the Act.
• Its timing and effect are governed by the Act’s provisions on disallowance and commencement.
• Any obligations to pay, rights of objection, review, or appeal, and penalty and enforcement mechanisms are in the Act and the Regulations, not in this instrument.

The instrument does not reference, nor does it purport to modify, any other Commonwealth, State or Territory statute, nor any corporate, tax, or securities law apart from the Act and the Regulations referenced. Users must therefore consult the Act and the Regulations to understand the instrument’s practical legal operation and to identify how it interacts with procedural and penalty regimes established elsewhere.

The instrument contains no internal amendment history entries; it appears as a single determination document dated 30 October 2025 and titled ASIC (Supervisory Cost Recovery Levy,Annual Determination) Instrument 2025/690 (cover page and signature). The instrument states its commencement arrangements (s 2). It does not purport to repeal, replace, or amend earlier determinations within its text.

Important timing and procedural points that the instrument itself records:

• The instrument “commences on the day after it is registered on the Federal Register of Legislation” (s 2(1)). That establishes the formal commencement rule for the instrument itself.
• For substantive operation, the instrument takes effect according to the timing rules in s 11 of the ASIC Supervisory Cost Recovery Levy Act 2017 where those provisions apply (s 2(2)). Those s 11 provisions are not reproduced here; the instrument notes that s 11 contains special disallowance/taking‑effect provisions (s 2 Note 1).
• Note 2 to s 2 highlights that subsection 9(9) of the Act permits retrospective application of instruments of this kind before registration (s 2 Note 2). This is not an amendment history item, but it affects temporal exposure and therefore is relevant to any retrospective amendment or effect.

Because the instrument is an annual determination, the natural practice under the Regulations and the Act will be for ASIC to make similar instruments each year. However, the instrument as provided does not include prior years’ determinations, nor any schedule of amendment events. It also does not include an express saving clause preserving earlier determinations.

If practitioners need to track changes over time, they must consult the annual determinations published on the Federal Register of Legislation (the instrument itself notes the register may be accessed at www.legislation.gov.au , s 2 Note). For the 2024-25 year, this instrument is the operative determination; any later amendment instrument or subsequent annual determination would be a separate instrument under the Regulations.

In summary, the instrument stands alone as the 2024-25 annual determination dated 30 October 2025. No amendment history is recorded inside it. Procedural rules governing its modification or disallowance are in the Act and are not replicated in this instrument.

The instrument contains no references to any litigation, judicial decisions, or administrative review outcomes. It does not cite any case law, nor does it describe any disputes concerning prior determinations. The instrument’s text is a deterministic, numerical declaration; any litigation that could arise from it would necessarily be external to the instrument and would involve interpretation of the Act and the Regulations, or of administrative law principles.

What the instrument does indicate about potential legal contestability is procedural rather than substantive:

• Section 2(2) and its notes point to the Act’s s 11 disallowance and taking‑effect provisions and to subsection 9(9) of the Act permitting retrospective application prior to registration (s 2(2) and s 2 Notes). These statutory mechanisms (referred to but not reproduced here) provide the parliamentary and administrative framework in which legal challenges or disputes could be located: for example, a question could arise as to whether retrospective application was properly effected or whether disallowance has occurred. The instrument itself does not provide the mechanism for challenge.
• Because the instrument adopts definitions from the Regulations (s 4(b)) and the computation rules from the Regulations (s 7 references to ss 9(1) and 10(1) of the Regulations), any judicial or administrative review concerning classification, metric choice, or levy calculation would necessarily engage the Act and the Regulations as well as the procedures under administrative law.

Practitioners seeking a record of past litigation on levy determinations, metric selection, retrospective application, or related administrative decisions will need to search judicial and tribunal databases and inspect the Act and Regulations for any statutory review provisions. The instrument itself provides no litigation history, precedent or authority for judicial outcomes.

The instrument is compact but contains several practical points that can lead to misunderstanding or compliance risk if overlooked. These are concrete, source‑grounded items drawn from the instrument’s text and tables.

1. Distinguish “sub‑sector population” from “sub‑sector metric”

   • Section 6 sets out the sub‑sector population numbers used in the Regulations’ definition of that term. Section 7 separately sets out sub‑sector metrics to be used for the basic levy component and graduated levy component. Confusing the two will lead to miscalculation: one is a count of entities (s 6 table), the other is a metric used in levy formulas (s 7 table).

2. This instrument does not state the levy calculation formula

   • The tables supply inputs only. The calculation of levy liabilities , how the basic levy component and graduated levy component convert the supplied metrics into dollar liabilities , is in the Regulations (s 7 references ss 9(1) and 10(1) of the Regulations). Do not attempt to infer levy amounts from these tables alone.

3. Retrospective application is possible

   • Note 2 to s 2 states that subsection 9(9) of the Act has the effect that the instrument can have retrospective application before registration. Practically, this means liabilities may attach to periods prior to the instrument’s registration. Users must check the Act’s subsection 9(9) and the specific s 11 timing rules (s 2 notes).

4. Dual or multi‑unit metrics

   • Some sub‑sectors in the s 7 table show multiple numbers with parenthetical units (for example, item 14 lists messages and lots; item 17 lists messages and transactions). The instrument does not itself explain which unit is applied when, or how the units interact with the graduated levy formula. Users must consult the Regulations to determine which metric maps to which component.

5. Extremely large numeric metrics and ambiguous units

   • Several metrics are very large (for example, Deposit product providers: 3,341,332,529,545; Responsible entities: 1,818,960,960,800). The instrument does not label units for these figures in the table; the implied units may be dollars, counts, balances, or other measures as defined in the Regulations. Misreading the unit will lead to error.

6. Zero population entry

Because this instrument supplies inputs and not the levy machinery, compliance requires three linked actions: classify correctly under the Regulations, verify the instrument’s entries as applied to the classification, and apply the Regulations’ calculation and payment procedures. The following steps, grounded in what the instrument says, will reduce legal and administrative risk.

1. Identify your sub‑sector under the Regulations

   • Section 4(b) of this instrument makes plain that expressions defined in the ASIC Supervisory Cost Recovery Levy Regulations 2017 have their Regulation meanings. The first compliance step is therefore to consult the Regulations and determine which sub‑sector (if any) your entity falls within. Do not rely on the table’s plain‑language labels alone.

2. Verify whether your entity appears in the instrument’s population table

   • Review the s 6 table to see the listed sub‑sectors and population counts. If you consider yourself to be in a listed sub‑sector, check whether the population count seems to include or exclude you; if you suspect an omission or incorrect inclusion, document the basis for your position and engage with ASIC through the channels provided in the Act or Regulations (the instrument does not provide a statutory challenge route).

3. Determine which metric applies to your sub‑sector

   • Use the s 7 table to identify the sub‑sector metric that the Regulations will use for the basic levy and the graduated levy components. Where the table lists multiple numbers with parenthetical units (for example, messages, lots, transactions), consult the Regulations to see which unit triggers which part of the graduated levy calculation.

4. Apply the Regulations’ calculation rules

   • The instrument references the definitions of the basic and graduated levy components in ss 9(1) and 10(1) of the Regulations (s 7). Compliance requires applying those definitions with the numeric inputs from this instrument. Ensure that the arithmetic follows the Regulations exactly, especially where graduated (non‑linear) calculations apply.

5. Watch effective dates and retrospective exposure

   • Section 2(2) links effect to the Act’s s 11. Note 2 to s 2 flags that subsection 9(9) of the Act allows retrospective application before registration. Confirm the effective date relevant to your entity by reference to the Act’s s 11 and any parliamentary disallowance dates that may apply.