Industry funding penalties

There are three types of penalties relating to industry funding.

Late payment of levies

There are penalties for late payment of industry funding levies, which are calculated and charged for each month after the payment deadline. The late payment penalty is calculated as 20% per annum of the overdue levy amount.

For example, if the overdue amount is $391, a late payment penalty of $6.52 will be added each month to the total amount payable ($391 x 20% / 12 months = $6.52 per month).

Penalties apply from 1 April of each leviable year.

Should the outstanding balance remain unpaid, ASIC may deregister the entity.

A shortfall penalty

A shortfall applies if a person makes a false or misleading statement (including through omission) that results in a smaller levy being paid than should be the case. The penalty will be equal to twice the amount of the shortfall between the amount paid and the levy that should be payable.

Failure to submit business activity metrics

It is a criminal offence to fail to comply with the obligation to submit your business activity metrics on ASIC’s Regulatory Portal by the due date.

The penalties in the legislation can apply if someone has not submitted metrics without a “reasonable excuse”. Those who believe they have a reasonable excuse need to provide evidence by contacting us online. Ensure you select "Company" and then "Industry Funding" so the enquiry is sent to the correct team quickly. Please attach any documentary evidence.

There are a range of steps that ASIC will take to calculate invoices for entities that did not submit business activity metrics.

Further details regarding penalties can be found in the ASIC Supervisory Cost Recovery Levy (Collection) Act 2017.

ASIC industry funding

Cost Recovery Implementation Statement 2019-20

4 March 2021

The final 2019-20 Cost Recovery Implementation Statement (CRIS) has been released.

Read the media release and CRIS

Industry funding: what you need to know

Video Thumb Industry Funding What You Need To Know

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More about industry funding

Last updated: 27/07/2020 01:35