ASIC can take enforcement action if you fail to pay your industry funding levy invoice.
Requirement to pay Industry Funding Levy:
Section 8 of the ASIC Supervisory Cost Recovery Levy (Collection) Act 2017 ("the Act") states that companies, financial services entities and credit services entities are required to pay the levy each financial year. The industry funding levy will need to be paid within 30 business days after the levy notice is issued.
If the industry funding levy has not been paid at least twelve (12) months after the due date, ASIC can take action to cancel or suspend the licence.
Enforcement Action:
In July 2024, ASIC cancelled Accumulus Capital Pty Ltd's Australian Credit Licence for:
- failing to pay the ASIC Industry Funding Levies and the late payment penalties within 12 months after the due date for payment; and
- not engaging in credit activities since ASIC granted the licence.
In October 2024, ASIC cancelled Emmanuel Katsoulis' Australian Credit Licence for:
- failing to lodge various annual compliance certificates; and
- failing to pay industry funding levies owed to ASIC.
Further Reading
- Section 8 of the ASIC Supervisory Cost Recovery Levy Act 2017
- ASIC's Video guide on how to submit your business activity metrics
- Industry Funding Business Activity Metrics
- Accumulus Capital Pty Ltd Media Release
- ASIC cancels Australian Credit licence of Emmanuel Katsoulis and suspends Australian credit licence of Peter Wormington
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
