Document ID: chunk:federal_register_of_legislation:C2024A00037:clause:1_16
Version: federal_register_of_legislation:C2024A00037
Segment Type: clause
Provision Reference: sch 1 cl 16
Character Range: 6582–8736

16  Subsection 290‑50(4) in Schedule 1
Repeal the subsection, substitute:

Amount of penalty
 (4) The maximum amount of the penalty for a contravention by an entity is the greater of:
 (a) 5,000 penalty units; and
 (b) 3 times the total value of all benefits received or receivable (directly or indirectly) by the entity and *associates of the entity in respect of the *scheme.
Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.
 (4A) Despite subsection (4), the maximum amount of the penalty for a contravention by an entity that is a body corporate is the greatest of the following:
 (a) 50,000 penalty units;
 (b) 3 times the total value of all benefits received or receivable (directly or indirectly) by the entity and *associates of the entity in respect of the *scheme;
 (c) either:
 (i) 10% of the *aggregated turnover of the entity for the most recent income year to end before the entity contravened, or began to contravene, the provision; or
 (ii) if the amount worked out under subparagraph (i) is greater than an amount equal to 2.5 million penalty units—2.5 million penalty units.
Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.
 (4B) Despite subsections (4) and (4A), the maximum amount of the penalty for a contravention by an entity that is:
 (a) a partner in a partnership that is a *significant global entity; or
 (b) a trustee of a trust that is a significant global entity;
is the greatest of the following:
 (c) 50,000 penalty units;
 (d) 3 times the total value of all benefits received or receivable (directly or indirectly) by the significant global entity and *associates of the significant global entity in respect of the *scheme;
 (e) either:
 (i) 10% of the *aggregated turnover of the significant global entity for the most recent income year to end before the entity contravened, or began to contravene, the provision; or
 (ii) if the amount worked out under subparagraph (i) is greater than an amount equal to 2.5 million penalty units—2.5 million penalty units.
Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.