Document ID: chunk:federal_register_of_legislation:C2021C00358:clause:2_15
Version: federal_register_of_legislation:C2021C00358
Segment Type: clause
Provision Reference: sch 2 cl 15
Character Range: 190667–191225

15  Subsection 94(4)
Repeal the subsection, substitute:

Penalty
 (4) The maximum penalty for the contravention is the greatest of the following:
 (a) the amount of the capital gain that was made or would be made on the disposal of the interest in the relevant residential land;
 (b) 25% of the consideration for the residential land acquisition;
 (c) 25% of the market value of the interest in the relevant residential land.
Note 1: Consideration is defined by the regulations (see section 4).
Note 2: For how to work out the capital gain, see section 98.