Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 1291

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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