8Information required from levy payers before a levy period

8 Information required from levy payers before a levy period

(1) ASIC may, before the start of a levy period, notify a person in writing that this section applies to the person for the levy period. (2) The person must, for the levy period: (a) provide to ASIC information in the approved form and in the manner (if any) determined under paragraph (4)(b); and (b) do so by: (i) unless subparagraph (ii) applies—28 days after the day the person is notified under subsection (1) for the levy period; or (ii) if ASIC has determined a later day under paragraph (4)(a)—that day.

Note: The information may be used to work out the amount of levy payable by the person, and may need to be substantiated (see section 20). A penalty may apply if the information is false or misleading (see section 16).

(3) An approved form may require: (a) information relating to the person; and (b) information relating to one or more other persons on whom levy may be imposed for the levy period.

Note: The approved form could also be the approved form for returns to be provided to ASIC under section 11 of the ASIC Supervisory Cost Recovery Levy (Collection) Act 2017.

(4) ASIC may, by notice published on ASIC’s website, determine: (a) the day on which the information must be provided to ASIC; and (b) the manner in which ASIC requires the information to be provided. A notice under this subsection must state the date on which the notice was published on ASIC’s website. (5) A day determined by ASIC under paragraph (4)(a): (a) must be 2 months or more after the day on which the notice is first published on ASIC’s website; and (b) may be a different day for different classes of persons on whom levy may be imposed for the levy period. Offence (6) A person commits an offence if: (a) the person is subject to a requirement under subsection (2); and (b) the person omits to do an act; and (c) the omission breaches the requirement.

Penalty: 10 penalty units.

(7) An offence against subsection (6) is an offence of strict liability. (8) Subsection (6) does not apply to the extent that the person has a reasonable excuse.

Note: A defendant bears an evidential burden in relation to the matters in this subsection (see subsection 13.3(3) of the Criminal Code).

(9) Information provided under this section in the approved form is taken, for the purposes of the Corporations Act 2001, not to be a document lodged with ASIC.