With the due date for invoices fast approaching, the Australian Securities and Investments Commission (ASIC) has warned organisations and individuals that hold a license and operate in an industry sector covered by the Government’s laws for industry funding of ASIC’s costs to pay their invoices or time or risk penalties.
The corporate regulator issued invoices to recover its financial year 2017-18 regulatory costs for the first time on 31 January this year, and ASIC Commissioner Cathie Armour has urged those affected to pay up.
“Ensuring a fair, strong and efficient financial system for all Australians is our goal and is at the heart of all our regulatory activities,” said Armour.
“We worked closely with industry to implement the new model to recover ASIC’s cost from industry. The due date for payment of invoices is a significant milestone in this inaugural year. We want people and firms to avoid penalties for late payment and encourage them to pay their invoice by 15 March 2019.”
The penalties are charged for each month after the payment deadline, and are calculated as 20 per cent per annum of the overdue levy amount.
Should the outstanding balance remain unpaid, ASIC could deregister the entity.