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14.02.2019

News

Have you received an industry funding notice?

Invoices to recover ASIC's FY 2017-18 regulatory costs were recently issued and are due for payment by 15 March 2019.

The Government's industry funding arrangements for ASIC became law in 2017 enabling ASIC to issue invoices to regulated entities every year to recover most of its regulatory costs. This is the first year of the new regime where ASIC will recover its regulatory costs from the industries it regulates.

If you hold an ASIC Regulatory Portal account you can log in to view your entity's invoice online. If you are not yet registered on the portal, the invoice will be sent via mail to the address registered with ASIC.

There are penalties for late payment of industry funding levies, which are calculated and charged for each month after the payment deadline. The late payment penalty is calculated at 20 percent per annum of the overdue levy amount. If the outstanding amount remains unpaid, ASIC may deregister the entity.

ASIC will consider waiving a levy or penalty only in exceptional circumstances when there were issues beyond the control of all representatives of the entity.

Please contact us if you need more information about industry funding levies.


Authors

Emma Donaghue

Emma Donaghue

Partner

Contact McMahon Clarke

Brisbane
T +61 7 3239 2900
A Level 7, 100 Creek Street, Brisbane Qld 4000

Melbourne
T +61 3 9909 1400
A Level 2, 696 Bourke Street, Melbourne Vic 3000