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ASIC is Australia's integrated corporate, markets, financial services and consumer credit regulator.

Industry funding levy and penalty waivers

ASIC may waive a levy, late payment penalty or shortfall penalty if the amount is payable, and ASIC is satisfied that there are exceptional circumstances justifying the waiver.

ASIC cannot waive an amount that has already been paid.

Please do not pay the levy and/or penalty if: 

  • you intend to request a waiver of the amount, or
  • you have requested us to waive the amount, and you are awaiting the outcome.

All applications to ASIC must include evidence to substantiate the application. ASIC will assess each application on a case-by-case basis, responding with a decision within 28 days of receipt of the waiver application. Late payment penalties will be suspended while the waiver application is being considered.

Examples of exceptional circumstances include

Death

Death of the office holder or licensee.

Serious illness

Prolonged medical issue limiting the individual’s ability to meet their obligations.

Natural disaster

This includes events such as flood, fire, drought, cyclones, earthquake and similar events or disasters that may have, or had, a significant impact on individuals, regions or industries.

Court caused delay

Including impeded access to records and bank account (for example records seized and bank accounts frozen during legal proceeding).

To apply for an industry funding levy or penalty waiver, log in to your ASIC Regulatory Portal account to complete the levy or penalty waiver transaction.

Reviewing a levy/penalty waiver decision

If you are not satisfied with a waiver decision ASIC has made, you can request a review of our decision by submitting a further waiver application, together with any additional information or evidence to support your application. ASIC will respond with a decision within 30 business days of receipt of the waiver application. Late payment penalties will be suspended while the waiver application is being considered.

If you are dissatisfied with the results of ASIC’s review you can a make an application to the Administrative Review Tribunal (ART) for a review.