The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of BDS Accounting Pty Ltd after the company failed to pay industry funding levies outstanding for more than a year.
ASIC Cancels BDS Accounting’s Licence Over Unpaid Levies
The cancellation took effect on 28 July 2025 and was announced by ASIC on Thursday.
ASIC explained that under section 915B(3)(e) of the Corporations Act 2001, it has the authority to suspend or cancel an AFS licence where a licensee has not paid levies imposed under the ASIC Supervisory Cost Recovery Levy Act 2017, including any associated late or shortfall penalties, for at least 12 months after the due date.
BDS Accounting, which had held AFS Licence number 489230 since December 2017, was authorised to provide financial product advice and deal in superannuation, limited to self-managed superannuation funds.
ASIC said the firm’s failure to settle its industry levies met the conditions for cancellation. The levies form part of the regulator’s cost recovery framework, which requires licensed entities to contribute to the cost of regulating the financial services industry.
BDS Accounting has the right to seek a review of the decision by appealing to the Administrative Review Tribunal.
The regulator regularly uses its powers under the Corporations Act to enforce compliance with levy obligations, viewing the timely payment of levies as essential to ensuring fair cost-sharing among market participants.
