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Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023
18Waiver of levy, late payment penalty and shortfall penalty
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18 Waiver of levy, late payment penalty and shortfall penalty
(1) ASIC may, on behalf of the Commonwealth, waive the payment of the whole or a part of one or more of the following amounts payable by a person, if ASIC is satisfied that there are exceptional circumstances justifying the waiver: (a) an instalment of levy; (b) late payment penalty; (c) shortfall penalty. (2) ASIC may do so on its own initiative or on written application by a person. (3) Applications must be in the approved form.