Under professional standards legislation, associations that apply for or operate a Professional Standards Scheme are required to pay certain fees.
These fees are payable to the Professional Standards Councils, and you must provide annual audit certificates to validate your fee payments.
A $5,000 fee is payable when your association submits its application for a Professional Standards Scheme. Further fees may apply if your scheme will be active in more than one state or territory. For more information, contact your Professional Standards Scheme Manager.
You’ll also need to pay an application fee if your association:
- Amends its Professional Standards Scheme before it expires
- Applies for a new Professional Standards Scheme when its current one expires
- Applies for a new Professional Standards Scheme if its current one is revoked.
The regulations require associations to pay annual fees for each person to whom their Professional Standards Scheme applies, and who is a member of the association at any time during the annual fee period. This fee is currently set at $50 per member.
The fee is calculated per annual fee period – that is, each period of 12 months starting when your Professional Standards Scheme commences, and on each anniversary of that date. So if you have 1,000 participating members on the day your Professional Standards Scheme starts, your annual fee would be $50,000.
In addition, you must pay a quarterly fee adjustment for each new member that joins your Professional Standards Scheme. For example, if you had 10 new members join in a particular quarter, you would need to pay an adjustment of $500.
Your fees are payable to the Councils by 31 January, 31 March, 30 June and 30 September. Fees paid after the due date may incur interest.
In total, your association may have to make up to five payments each year – one payment to cover your membership on your scheme’s start or anniversary date, and up to four quarterly adjustments for members who join mid-year.
Please note:
- No refunds are payable on fees for members who leave the scheme before your annual fee period ends.
- No discounts apply on adjustment fees. The full $50 fee is payable for each new member regardless of when they join.
- Your annual fee and first quarterly adjustment will be due on the same date (that is, the end of the quarter in which your scheme’s commencement or anniversary date falls). To avoid counting members twice during this quarter, you should only adjust for new members who join after your scheme’s commencement or anniversary date.
- Fees must be paid for all members who participate in your scheme, including partners, directors, employees, companies, and other business entities.
All associations with a Professional Standards Scheme must provide us with an independent annual membership verification certificate that describes scheme member participant fees payable and paid for each annual scheme period.
If your association has 100 members or more, you’ll need to supply an Annual Membership Verification Certificate signed by a member of a professional accounting body. Download a sample certificate.
If your association has fewer than 100 members, you can provide an Annual Membership Declaration Certificate signed by your chief executive and finance officer instead. Download a sample declaration.
Audit certificates must be provided within 14 months of your association’s annual fee due date. So if your annual fee is due by 31 March, you must supply your audit certificate for the completed annual fee period by 31 May of the following year.