All levies collected by APRA from the financial sector are used for supervision of the financial industry.
Each year, the amount of the levy is determined by the Minister for Revenue and Assistant Treasurer after industry consultation with your representative bodies. The determined sum represents the minimum and maximum amounts for the levy and the rate (as a percentage of reported assets or balances) to be applied.
A copy of the determinations is available within each industry sector.
Download a copy of the Financial Industry Levies for 2016-2017
It is important that you pay your levies on time. APRA must receive your payment on or before the due date for payment, which is printed on your invoice.
APRA accepts payment by cheque, VISA, MasterCard and Bankcard.
Levies can also be paid at any Australia Post outlet provided you produce a copy of the invoice. Australia Post will issue you with a receipt once payment has been made. You should keep this for your records as confirmation of payment.
APRA levies can also be paid as follows:
- By telephone: 131816 (24 hours per day)
- Online: click here
- By cheque to: GPO Box 9836, Sydney NSW 2001 (please include your remittance slip)
If you would like to discuss your invoice please contact Financial Services by email to: email@example.com. Please remember to quote your customer number, which is located on the left hand side of your invoice.
If you believe that you have been incorrectly invoiced, please contact APRA to discuss your concerns. Any queries in relation to the invoice should be raised prior to the due date for payment.
Non payment of your levy or failure to notify APRA in relation to an invoice dispute by the due date, will result in a late payment fee.
This charge (also known as a Finance Charge) will be reflected on the monthly statement and should be settled immediately.
The late fee is charged at 20 per cent per annum, calculated daily and applied twice monthly.
If you fail to pay your invoice or lodge a dispute with APRA, legal action may be taken to recover the amount owing via the Australian Government Solicitor. Should APRA pursue this course of action, please be aware that the costs associated with this action may be passed to you.
APRA may waive your levy under specific and limited circumstances. If you wish to request a waiver, please submit a formal request to:
GPO Box 9836
Sydney NSW 2001
Your request should include your customer number, contact details and a detailed description as to why the levy should be waived.
APRA will review the information provided and make a decision as to granting the waiver. In either case, you will be contacted in writing outlining the reasons for APRA’s decision.
In addition to your levies invoice, Financial Services will provide a statement of your transactions on or about the 6th of each month. This statement will outline any invoices that you have been issued, payments received, waivers granted and other miscellaneous transactions that may occur on your account.
You will only receive a statement if there is an outstanding balance or if there has been any activity on your account during the past month.
If you have not paid your invoice by the designated due date, you will receive a reminder letter asking you to make payment. This letter will also outline any Late Payment charges that have accumulated. Please do not ignore this letter and contact APRA immediately to discuss your account.