The Australian Securities and Investment Committee (ASIC) canceled the AFS’s AFS license for BDS Accounting Pty Ltd after the company failed to pay the existing industry financing for more than a year.
The cancellation entered into force on July 28, 2025 and was announced on Thursday.
Asik explained that, according to Article 915 B (3) (E) of the Corporate Law of 2001, it has the authority to suspend or cancel the AFS license where the licensee did not pay fees imposed under the ASIC ASIC Law on the 2017, including any late penalties or deficit, for at least 12 months after the due date.
BDS accounting, which has been held AFS 489230 license since December 2017, has been declared advice and retirement deal, and is limited to self -managed pension funds.
Asek said that the company’s failure to settle its industrial drawings had fulfilled the conditions of cancellation. Fees are part of the regulator cost recovery framework, which requires licensed entities contributing to the cost of organizing the financial services industry.
BDS accounting has the right to seek a decision review by the appeal of the Administrative Review Court.
The organizer regularly uses its powers under the Companies Law to impose compliance with tax obligations, and to display timely payment for fees as necessary to ensure fair cost sharing among the market participants.