Industry funding levy and penalty waivers
ASIC has the power to waive levies and penalties in exceptional circumstances.
Examples of exceptional circumstances include
Death of an immediate family member, including death of the office holder or licensee.
Prolonged medical issue limiting the individual’s ability to meet their obligations.
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.
All applications to ASIC need to 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.
If you received your industry funding invoice online via the ASIC Regulatory Portal, log in to your account to complete the levy or penalty waiver transaction.
If you received your industry funding invoice in the mail, you can apply for an industry funding levy or penalty waiver by contacting us online. Note: in the two drop-down menus, select "Other" and "Other" before you select 'Submit'. This will ensure the form is submitted to the correct team quickly.
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.
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.