The Australian Securities and Investments Commission (ASIC) has recently put in place a new industry funding regime based on the ‘user pays’ principle. The ASIC Supervisory Cost Recovery Levy Act 2017 aims to fund ASIC’s operation through charging entities that both require and benefit from the commission’s regulation.
A significant lesson that can be taken from the Falkholt family tragedy is the very real need to have your financial affairs in order, especially with regard to a legally valid Will which adequately covers all scenarios, including a calamity such as a complete family wipe-out.
It is important to remember that bad, or unwanted accounting clients do exist. It is therefore important to ensure that strategies are put in place to assist with the identification of such unwanted clients, and to protect your business from those who may potentially damage your firm’s profits, reputation and/or staff.
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