Document ID: chunk:federal_register_of_legislation:C2021A00137:clause:2_24
Version: federal_register_of_legislation:C2021A00137
Segment Type: clause
Provision Reference: sch 2 cl 24
Character Range: 7493–9255

24  After subsection 314AB(3)
Insert:
 (3A) If:
 (a) a person or entity is registered as a significant third party for a financial year (the current financial year); and
 (b) the person or entity was not required to be registered as a significant third party for the previous financial year;
the financial controller of the significant third party must provide a return, that complies with subsection (2) and is in an approved form, for the previous financial year by the end of the period of 30 days after the person or entity is registered as a significant third party for the current financial year.
Civil penalty:
The higher of the following:
 (a) 120 penalty units;
 (b) if an amount is not disclosed under paragraph (2)(a) or (b) and there is sufficient evidence for the court to determine the amount, or an estimate of the amount, not disclosed—3 times that amount.
 (3B) If, in complying with subsection (2), a return that is required to be provided under subsection (3A) would include no amounts or details, the return provided must include a statement to the effect that there are no amounts or details to be included.
 (3C) Despite anything in this section, a return provided under this section in respect of a significant third party who is an individual is not required to include the following:
 (a) any amounts, or the details of any discretionary benefits, received by, or on behalf of, the significant third party in a purely personal capacity;
 (b) any amounts paid by, or on behalf of, the significant third party for personal purposes and not solely or substantially for a purpose related to an election;
 (c) the amount, or other details, of any debt incurred by, or on behalf of, the significant third party in a purely personal capacity.