Pay invoices or be penalised, warns ASIC

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.

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“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.

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Can i have a FDS please with the services offered and taken up, and if I havent used any of the services can I ask for the past 3 years fees to be refunded? How do the unregistered shonks that ASIC also chase going to pay for this? Oh thats right they dont. So ASIC can toddle off and chase unlicenced people and we licenced people can pay for it yipee. What a rort.

20% interest and cancel license - being unlicensed looks more attractive each day. Perhaps I'll be a "Super Broker".

I made the decision to outsource overseas and cease providing advice to lower net worth clients and focus on higher fee paying clients. The increased funding costs imposed by this levy, plus TPB plus annual opt in have all contributed to this decision. Too much red tape, too much compliance, too many levies.

I'm waiting for the Legal Services Board to get in on the act and charge a fee because I talk to my clients about estate planning. Probably Centrelink too. All the TPB has done is threaten me because their system didn't update my membership when renewed on time and then send me an ignorant, arrogant and downright offensive email stating that according to ATO data, I had an outstanding tax debt when this was not the case. If the debt wasn't settled by 31 Dec they'd take further action. Too lazy to check the veracity of the data. All for the privilege of paying $600 per year.

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