Commonwealth Consolidated Acts

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Immediate suspension or cancellation

                   ASIC may cancel or suspend a person's registration as an auditor if:

                     (a)  the person is liable to pay levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017 ; and

                     (b)  the following have not been paid in full at least 12 months after the due date for payment:

                              (i)  an amount of levy (if any) payable in respect of the person;

                             (ii)  an amount of late payment penalty payable (if any) in relation to the levy;

                            (iii)  an amount of shortfall penalty payable (if any) in relation to the levy.

Note:          See section 1298 for the effect of suspension.

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