Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p7
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 7/16)
Character Range: 1335979–1338429

another entity of the happening of an event by a particular day; and
 (b) you do not notify the other entity of the happening of that event by that day.
 (5) Subsection (6) applies if:
 (a) an entity is liable to an administrative penalty under subsection (1) or (2A) as the *superannuation provider in relation to a *self managed superannuation fund; and
 (b) the entity is a body corporate.
 (6) The directors of the body corporate at the time it becomes liable to the penalty are jointly and severally liable to pay the amount of the *tax‑related liability in respect of the penalty.
Note: See section 265‑45 for rules on joint liability.
 (7) You are also liable to an administrative penalty if:
 (a) you are required under subsections 57‑7(2) and (3) of the A New Tax System (Goods and Services Tax) Act 1999 to notify another entity by a particular day; and
 (b) you do not give the notice in the *approved form to the entity by that day.

286‑80  Amount of penalty
 (1) The amount of the penalty is worked out in this way:
 (a) work out the *base penalty amount under subsection (2); and
 (b) work out whether the base penalty amount is increased under subsection (3), (4), (4A) or (4C).
 (2) The base penalty amount is:
 (a) for failing to give a return, notice or other document on time or in the *approved form, as mentioned in subsection 286‑75(1), (2AA), (2AB), (2A), (2B), (2BA) or (2C)—1 penalty unit for each period of 28 days or part of a period of 28 days starting on the day when the document is due and ending when you give it (up to a maximum of 5 penalty units); or
 (c) for failing to notify the happening of an event as mentioned in subsection 286‑75(4)—1 penalty unit for each period of 28 days or part of a period of 28 days starting on the day when the notification is due and ending when you notify the happening of the event (up to a maximum of 5 penalty units).
Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.
Example: An entity lodges a return 31 days late. The base penalty amount under subsection (2) is 2 penalty units.
 (3) The *base penalty amount is multiplied by 2 if:
 (a) the entity concerned is a *medium withholder for the month in which the return, notice or other document was required to be given; or
 (b) the entity's assessable income for the income year in which the return, notice or other document is required to be given is more than $1 million but less than $20