ASIC enforcement action: Industry funding levy

With the due date for business activity metrics to be lodged approaching, and industry funding invoices to follow in the new year, it's pertinent to look at the action ASIC can take if you fail to pay your industry funding invoice.

In July 2024, ASIC cancelled Accumulus Capital Pty Ltd's Australian Credit Licence for:

• failing to pay the ASIC Industry Funding Levies and the late payment penalties within 12 months after the due date for payment; and
• not engaging in credit activities since ASIC granted the licence.

Section 8 of the ASIC Supervisory Cost Recovery Levy (Collection) Act 2017 ("the Act") states that companies, financial services entities and credit services entities are required to pay the levy each financial year.