THE Australian Securities and Investments Commission (ASIC) is offering assistance for farmers and related businesses suffering financial hardship as result of the current drought.
ASIC is offering relief from various company-related fees that may be payable and providing information about financial counselling services that are available to those affected.
ASIC Commissioner John Price said, "Unfortunately, the current drought is particularly severe, causing financial hardship to many. ASIC is keen to offer whatever assistance we can to ease that burden and ensure that affected people can access resources to assist them during this challenging time."
ASIC may be able to review fees or waive late fees that a company has incurred, or provide alternative payment options for companies affected by the drought and facing financial hardship.
Those wanting fee relief need to include in their application details of their company, a contact person and their current situation. They will also need to provide ASIC with evidence supporting their application.
ASIC also reminded the farming community that free financial counselling is available to people, including farmers and related small businesses, struggling with debt. Details of free financial counsellors are on ASIC’s MoneySmart website and can be downloaded here.
Details of how to apply for fee relief are on ASIC’s website.
Anyone struggling with debt can call the free National Debt Hotline on 1800 007 007.
ASIC has also prepared a guide on how people can help a friend or family member who is facing financial hardship, which is available from ASIC’s MoneySmart website or can be downloaded here.