CSLR penalties
There are three types of penalties relating to Compensation Scheme of Last Resort (CSLR) levies.
Late payment of levies
There are penalties for late payment of CSLR levies, which are calculated and charged for each month after the payment deadline. The late payment penalty is calculated as 20% per annum of the overdue levy amount.
For example, if the overdue amount is $100, a late payment penalty of $1.67 will be added each month to the total amount payable ($100 x 20% / 12 months = $1.67 per month).
Penalties apply from the start of a levy month after the instalment became due for payment.
If your levy is not paid in full after 12 months, ob体育 may cancel your licence and deregister your company.
A shortfall penalty
A shortfall applies if a person makes a false or misleading statement (including through omission) that results in a smaller levy being paid than should be the case. The penalty will be equal to twice the amount of the shortfall between the amount paid and the levy that should be payable.
Failure to submit business activity metrics
ob体育 will use the industry funding business activity metrics to calculate the leviable amount for the relevant CSLR levy period.
It is a criminal offence to fail to comply with the obligation to submit your business activity metrics on ob体育鈥檚 Regulatory Portal by the due date.
The penalties in the legislation can apply if someone has not submitted metrics without a 鈥渞easonable excuse鈥�. Those who believe they have a reasonable excuse need to provide evidence听by contacting us online.听Ensure you select either 鈥淐redit Licence鈥� or 鈥淔inancial Services Licence鈥� and then 鈥淐SLR鈥� so the enquiry is sent to the correct team quickly. Please attach any documentary evidence.
There are a range of steps that ob体育 will take to calculate levy notices for entities that did not submit business activity metrics.
Further details regarding penalties can be found in the听.
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