Administrative penalties in relation to self managed superannuation funds
166 Administrative penalties in relation to self managed superannuation funds
If a person referred to in subsection (2) contravenes a provision of this Act specified in the table, the person is liable to an administrative penalty. The amount of the penalty is the amount specified in the table for the provision.
Administrative penalties in relation to self managed superannuation funds | ||
|---|---|---|
Item | Provision of this Act | Administrative penalty |
1 | Subsection 34(1) | 20 penalty units |
2 | Section 35B | 10 penalty units |
3 | Subsection 65(1) | 60 penalty units |
4 | Subsection 67(1) | 60 penalty units |
5 | Subsection 84(1) | 60 penalty units |
6 | Subsection 103(1) | 10 penalty units |
7 | Subsection 103(2) | 10 penalty units |
8 | Subsection 103(2A) | 10 penalty units |
9 | Subsection 104(1) | 10 penalty units |
10 | Subsection 104A(2) | 10 penalty units |
11 | Subsection 105(1) | 10 penalty units |
12 | Subsection 106(1) | 60 penalty units |
13 | Subsection 106A(1) | 20 penalty units |
14 | Subsection 124(1) | 5 penalty units |
15 | Subsection 160(4) | 5 penalty units |
16 | Subsection 254(1) | 5 penalty units |
17 | Subsection 347A(5) | 5 penalty units |
See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.
For the purposes of subsection (1), the persons are:
a trustee of a self managed superannuation fund; or
a director of a body corporate that is a trustee of a self managed superannuation fund.
Collection and recovery of administrative penalties imposed by this section is dealt with in Part 4‑15 of Schedule 1 to the Taxation Administration Act 1953.
If a trustee of a self managed superannuation fund on whom a penalty is imposed by this section is an individual, a reference in Part 4‑15 or Division 298 in Schedule 1 to the Taxation Administration Act 1953 to an entity is taken to be a reference to that individual in his or her personal capacity.
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