Dear NowInfinity Community,
As you may be aware, the Government’s industry funding arrangements for ASIC became law in 2017.
As of 31 January 2019 the new regime, where ASIC recovers most of its regulatory costs from regulated industries, was implemented.
Please be aware that the changes will impact some of ASIC’s existing services with transactions listed below.
Company deregistration and reinstatement:
Companies cannot be deregistered or reinstated if they have any outstanding liabilities; this includes industry funding levies and penalties. As a consequence, entities need to ensure that they have paid all money owing to ASIC prior to applying for deregistration or reinstatement.
Account balance updates and debt reports (e.g. RA67 and RA63):
These services will not display any money owing that relates to industry funding. Entities that have a specific obligation relating to industry funding will need to refer to the invoice they would have received at the end of January 2019 for details of levies payable.
Due to the confidential and commercially sensitive nature of the levies, ASIC has no plans to incorporate levies payable through Registry online services including corporate compliance providers.
Should your firm as the ASIC agent for the company wish to see the details of levies payable you will need to be invited by the entity to gain access to the details through the ASIC Regulatory portal.
Payment method details (e.g. BPAY):
Industry funding will use different payment references (i.e. customer reference number) than the current account. Entities will need to refer to their invoice for specific industry funding payment details and options.
For further information, please visit ASIC’s website: https://asic.gov.au/industry-funding
The NowInfinity team hopes this information is useful.