Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:5_35
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 5 cl 35
Character Range: 355167–356291

35  After section 288‑80 in Schedule 1
Insert:

288‑85  False or misleading statements in approved forms given by trustee of self managed superannuation fund etc.

 (1) This section applies to the trustee of:
 (a) a *self managed superannuation fund; or
 (b) a fund that is treated as a self managed superannuation fund under subsection 10(4) of the Superannuation Industry (Supervision) Act 1993).

 (2) The trustee is liable to an administrative penalty of 20 penalty units if:
 (a) the trustee gives the Commissioner or another entity a statement in an *approved form in relation to the fund; and
 (b) the statement is false or misleading in a material particular, whether because of things in it or omitted from it.

 (3) Subsection (4) applies if:
 (a) a trustee is liable to an administrative penalty under subsection (2); and
 (b) the trustee is a body corporate.

 (4) 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.