Document ID: chunk:federal_register_of_legislation:F2015L00783:body:0:p2
Version: federal_register_of_legislation:F2015L00783
Segment Type: other
Provision Reference: 
Character Range: 2791–4332

Australian Taxation Office from granting to a First Home Saver Account provider an exemption from providing in an electronic form the information set out in section 391-5 of Schedule 1 to the Taxation Administration Act 1953.

    Penalties for non-compliance

    A First Home Saver Account provider who fails or refuses to provide to me the information set out in section 391-5 of Schedule 1 to the Taxation Administration Act 1953 commits an offence (by virtue of section 8C of the Taxation Administration Act 1953) and is punishable on conviction by a fine not 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.

    If a company is convicted of a third offence, the court may impose a fine not exceeding 250 penalty units under section 8ZF of the Taxation Administration Act 1953.

    Alternatively, if the information required by section 391-5 of Schedule 1 to the Taxation Administration Act 1953 is not provided in the approved form and within the time prescribed then the First Home Saver Account provider is liable to an administrative penalty under section 286-75 of Schedule 1 to the Taxation Administration Act 1953.

    Note:
    At the time this instrument was registered the value of a penalty unit was $170.00.