Document ID: chunk:federal_register_of_legislation:C2010C00218:clause:2_51b
Version: federal_register_of_legislation:C2010C00218
Segment Type: clause
Provision Reference: sch 2 cl 51B
Character Range: 17199–18163

51B  Payment of unclaimed money to ASIC on behalf of the Commonwealth

 (1) An FHSA provider commits an offence if:
 (a) it gives a statement to ASIC under section 51A at a time; and
 (b) at the same time, it does not pay to ASIC on behalf of the Commonwealth an amount equal to the amount of unclaimed money worked out under subsection (2).

Penalty: 50 penalty units.

 (2) Work out the amount in accordance with the following formula:
where:

money paid means the total of any amounts paid as mentioned in subsection 51A(4).

remaining partial balances means the total of the balances (if any) of any FHSAs from which amounts have been paid as mentioned in subsection 51A(4).

statement amount means the total of unclaimed money shown in the statement mentioned in subsection 51A(1).

 (3) Subject to section 51C, an FHSA provider is, upon payment to ASIC of an amount as required by this section, discharged from further liability in respect of that amount.