Document ID: chunk:federal_register_of_legislation:F2017L00529:body:0:p15
Version: federal_register_of_legislation:F2017L00529
Segment Type: other
Provision Reference: 
Character Range: 36677–38366

exceeding 20 penalty units under section 8E of the Taxation Administration Act 1953 if it is the first offence. If convicted of a second offence, the court may impose a fine not exceeding 40 penalty units. If convicted of a third or subsequent offence, the court may impose a fine not exceeding 50 penalty units or a maximum of 12 months imprisonment, or both. Under section 8ZF of the Taxation Administration Act 1953, the court may impose a fine not exceeding 250 penalty units on a company if it is convicted of a third or subsequent offence for failing to give me a return or any other information under the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997.

    Alternatively:
       1. any person (including a full self-assessment taxpayer) may, in relation to an income tax return, become liable to pay a penalty under section 286-75 of Schedule 1 to the Taxation Administration Act 1953;

       2.      companies, trustees of corporate unit trusts, trustees of public trading trusts, corporate limited partnerships and pooled development funds may, in relation to a franking return, or a venture capital deficit tax return, become liable to pay a penalty under section 286-75 of Schedule 1 to the Taxation Administration Act 1953.

    A trustee of a self-managed superannuation fund who contravenes the requirement to lodge a return under section 35D of the Superannuation Industry (Supervision) Act 1993 commits an offence and, if convicted, is liable to a penalty of 50 penalty units. This return forms part of the Self­-managed superannuation fund annual return 2017.

    Note:

    At the time this instrument was registered one penalty unit was $180.00.