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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 166 Administrative penalties in relation to self managed superannuation funds

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 166

Administrative penalties in relation to self managed superannuation funds

  (1)   If a person referred to in subsection   (2) contravenes a provision of this Act specified in the table, the person is liable to an administrative penalty. The amount of the penalty is the amount specified in the table for the provision.

 

Administrative penalties in relation to self managed superannuation funds

Item

Provision of this Act

Administrative penalty

1

Subsection   34(1)

20 penalty units

2

Section   35B

10 penalty units

3

Subsection   65(1)

60 penalty units

4

Subsection   67(1)

60 penalty units

5

Subsection   84(1)

60 penalty units

6

Subsection   103(1)

10 penalty units

7

Subsection   103(2)

10 penalty units

8

Subsection   103(2A)

10 penalty units

9

Subsection   104(1)

10 penalty units

10

Subsection   104A(2)

10 penalty units

11

Subsection   105(1)

10 penalty units

12

Subsection   106(1)

60 penalty units

13

Subsection   106A(1)

20 penalty units

14

Subsection   124(1)

5 penalty units

15

Subsection   160(4)

5 penalty units

16

Subsection   254(1)

5 penalty units

17

Subsection   347A(5)

5 penalty units

Note:   See section   4AA of the Crimes Act 1914 for the current value of a penalty unit.

  (2)   For the purposes of subsection   (1), the persons are:

  (a)   a trustee of a self managed superannuation fund; or

  (b)   a director of a body corporate that is a trustee of a self managed superannuation fund.

Note:   Collection and recovery of administrative penalties imposed by this section is dealt with in Part   4 - 15 of Schedule   1 to the Taxation Administration Act 1953 .

  (3)   If a trustee of a self managed superannuation fund on whom a penalty is imposed by this section is an individual, a reference in Part   4 - 15 or Division   298 in Schedule   1 to the Taxation Administration Act 1953 to an entity is taken to be a reference to that individual in his or her personal capacity.

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