Industry funding levy and penalty waivers

ASIC has the power to waive levies and penalties in exceptional circumstances.

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 an immediate family member, including 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).

Significant economic events

Significant changes in financial circumstances due to economic events outside the control of the entity.

Where an application is requested the person must demonstrate to ASIC that there were/are exceptional circumstances limiting or preventing their ability to pay.

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 Appeals Tribunal Appeal Tribunal (AAT) for a review.