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The net deficit for the year ended 30 June 2019 was $1,135,261. In the previous year ending 30 June 2018 there was a net surplus of $2,308,839.
The timing in incurring expenditure in undertaking the work program has resulted in FASEA reporting a deficit for the period to 30 June 2019. It is anticipated that FASEA will complete the initial suite of required legislative activities by 30 June 2021 within the total funding allocated via its Funding Agreement.
Under the terms of its Funding Agreement with contributors FASEA receives annual funding of $3,900,000 in quarterly instalments of $975,000. FASEA utilises this funding to meet its obligations in implementing the Commonwealth’s Corporations Amendment (Professional Standards of Financial Advisers) Act 2017.