CORPORATIONS ACT 2001 - SECT 1291 Immediate suspension or cancellation

CORPORATIONS ACT 2001 - SECT 1291

    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.