Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p13
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 13/16)
Character Range: 1350446–1353135

Segregated exempt assets—calculation of an amount
 (3) A *life insurance company is liable to an administrative penalty if the company:
 (a) is required to calculate a particular amount under section 320‑230 of the Income Tax Assessment Act 1997; but
 (b) fails to do so within the period of 60 days that is required by that section.

Segregated exempt assets—transfer following valuation
 (4) A *life insurance company is liable to an administrative penalty if the company:
 (a) is required to transfer assets having a particular *transfer value from its *segregated exempt assets under subsection 320‑235(1) of the Income Tax Assessment Act 1997; but
 (b) fails to do so within the period of 30 days that is required by subsection 320‑235(2) of that Act.

How to work out the administrative penalty
 (5) The administrative penalty under subsection (1), (2), (3) or (4) for a failure to make a calculation or transfer is equal to 5 penalty units for each period of 28 days or part of a period of 28 days:
 (a) starting immediately after the end of the period mentioned in paragraph (b) of that subsection; and
 (b) ending at the end of the day on which the calculation or transfer is made.
However, the maximum penalty for that failure must not exceed 25 penalty units.
Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.
Note 2: Division 298 contains machinery provisions for the penalties provided by this section.

288‑75  Administrative penalty for a copyright or resale royalty collecting society
 (1) A *copyright collecting society is liable to an administrative penalty of 20 penalty units if the society fails to give a notice as required by section 410‑5 of the Income Tax Assessment Act 1997.
 (2) The *resale royalty collecting society is liable to an administrative penalty of 20 penalty units if the society fails to give a notice as required by section 410‑50 of the Income Tax Assessment Act 1997.
Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.

288‑80  Administrative penalty for over declaring conduit foreign income
 (1) An *Australian corporate tax entity is liable to an administrative penalty if:
 (a) the entity makes a *frankable distribution that has an *unfranked part; and
 (b) the entity declares an amount of the unfranked part to be *conduit foreign income; and
 (c) the sum of the amounts declared exceeds the amount of the entity's conduit foreign income at:
 (i) if the entity declares the distribution before making the distribution—the time of the declaration; or
 (ii) otherwise—the time the distribution is made.
 (2) The amount of the penalty is the sum of the amounts worked