If lodging inpaper, make sure you allow enough time for postage and delivery. Why do so many small to medium business owners let this happen? You have two months to pay from the date of the annual review so there is a lot of time for the accountant to send it to you. You are required to pay a late penalty fee of: What most people dont know is between 2018-19 ASIC generated a staggering $137 million in late fees! Is it time for a crackdown? EDUCATION Pre-license asic Post-license Pre-license roker ontinuing Education ourse Application $125.00 $125.00 $125.00 $25.00 (per course) . Increased ASIC licensing fees revealed - ifa If fees are left outstanding, we may take action to close your company. Fundraising restrictions on advertising and cold calling, Consolidation of fundraising instruments and guidance, Public comment on ASIC's regulatory activities, Private court proceedings - ASIC involvement, About the court enforceable undertakings register, Recovery of investigation expenses and costs, Lawful disruption of access to online services, Complaints about companies, organisations or people, 370 Officeholder notifies resignation/retirement, Lodgement or payment up to one month late$87 late fee, Lodgement or payment over one month late$362 late fee, Apply for, vary, or cancel a registration. AEST = Australian Eastern Standard Time which is 10 hours ahead of GMT (Greenwich Mean Time), abc.net.au/news/afterpay-late-fees-24pc-income-asic-loophole-credit/10156902, Get breaking news alerts directly to your phone with our app, Help keep family & friends informed by sharing this article, Businesses to be forced to pay superannuation on payday, fetching more in retirement income for workers, 'The timing is right': Outgoing Qantas boss says airline is 'strong' as it appoints first female CEO, Recreational vaping to be banned, all e-cigarettes to be strictly controlled, This man advises his clients that elections, rates and mortgages are invalid, Metal shredder caused gas explosion that injured six, Victorian authorities say, Treasurer refuses to confirm reported JobSeeker lift for people over 55, but says targeted support in the budget, 'I totally object': Ukraine war supporters' presence at Sydney concert condemned, Doja Cat, Margot Robbie and Nicole Kidman attend Met Gala for fashion's biggest night, Perfect storm brewing for housing market and it could make buying your own home a pipedream, recommended law reform in the "buy now, pay later" sector, survey of 1,000 customers across the nation, Fears Afterpay's 'instant approvals' will cause serious financial hardship. Payments, fees and invoices | ASIC Annual statements and late fees You need to make sure you pay your annual review fee on time and tell ASIC when your details change. "ASIC found that while these four credit providers are not breaking the law, they are charging their longstanding customers more interest than they should have been, and their conduct is out . The digital payment app Afterpay, popular amongst millennials, is facing criticisms that it causes "financial stress" for vulnerable consumers.