The final invoice in August 2019 totalled $118,557.
"The fee increases were described by KPMG as being due to the complexity of the tax affairs being managed,"the auditor said,adding $78,266 worth of fringe benefits tax was also paid by ASIC. The fringe benefits tax will not be repaid by Mr Shipton,which will be claimed by the commission as a credit.
Housing expenses on behalf of deputy chairman Daniel Crennan worth $750 a week,totalling $69,621,were also paid by the commission,following a request for him to relocate from Melbourne to Sydney in January 2019. This was above the total remuneration package allowed. He has agreed to repay the claimed expenses.
A statement from Mr Shipton said he told Mr Frydenberg on Friday afternoon he would stand aside.
"ASIC acknowledges the processes supporting the approval of these relocation expenses were inadequate and,given the high standard ASIC holds itself to,it is[disappointing] that such situation has occurred,"he said.
Loading
The issues with the expenses were raised following a 2019-20 financial statements audit of ASIC by the Australian National Audit Office.
ASIC has been told to undertake a review of the expenditure and procurement processes for taxation advice.
Auditor-General Grant Hehir wrote to Mr Frydenberg on Wednesday about the concerns,saying ASIC and the Department of Treasury held discussions on relocation expense package options before Mr Shipton was appointed.
"These options included estimates for an initial tax briefing ($3000) and annual tax return submissions ($5000) for the successful applicant,"the letter said.
"ASIC approved an engagement letter from KPMG for the provision of taxation services to the incoming chair with costings of $4050."
Mr Shipton said ASIC would change procedures relating to approving expenses for relocation of staff to ensure there is oversight of those expenses by the commission.
"The accommodation payments for deputy chair Crennan were ceased following his request and he offered and agreed to repay the accommodation payments made to him as a debt due to the Commonwealth,"he said,acknowledging action should have taken place more quickly.
He said he was reimbursing the taxation-related expenses paid by ASIC following his 2018 relocation from the US and he had told the Treasurer it was appropriate to stand aside during the review.
"Whilst I believe that I have acted properly and appropriately in this matter,I hold myself to the highest possible standard,"he said.
"I only took this position to serve the Australian community and to work to improve the corporate and financial system that should also serve it. If I any anyway impede that purpose,the right thing for me to do is to step aside until such time that I can."
Get our Morning&Evening Edition newsletters