ASIC Chair James Shipton to stand aside amid $118k tax advice bill

The chair of Australia's corporate regulator ASIC will stand aside following revelations the watchdog paid more than $118,000 for his personal tax advice.

The expenses were uncovered in an audit of ASIC's financial statement, with the Australian National Audit Office (ANAO) claiming the total remuneration paid to both Chair James Shipton and Deputy Chair Daniel Crennan may exceed the limits set within the relevant Remuneration Tribunal Determinations.

Mr Shipton said he told Treasurer Josh Frydenberg he would step aside "pending the outcome of the review".

"I have advised the Treasurer this afternoon that, in the circumstances, it is appropriate to stand aside pending the outcome of the review," he said in a statement.

"Whilst I believe that I have acted properly and appropriately in this matter, I hold myself to the highest possible standard.

"I look forward to cooperating with the inquiry and I look forward to my continued service to the Australian community."

The ANAO also raised concerns over accommodation payments made over two years to ASIC's deputy chair Dan Crennan.

Mr Crennan has agreed to repay the housing payments made to him.

Prime Minister Scott Morrison was asked if there should be a full investigation of the remuneration and tax arrangements for government appointees.

Mr Morrison said he would wait for the recommendations of a pending report on the topic.

"I think there wouldn't be a board member of a government agency or a CEO of a government agency that did not get my message yesterday," he said, referring to his comments on Australia Post CEO Christine Holgate.

"I think they got it with a rocket."