34N

Compliance requirement—employers

Current

(1)

An employer must deal with payments and information relating to an employee, for whose benefit a contribution to an eligible superannuation entity is to be made, in a manner that complies with any applicable:

(a)

regulations made under this Part; and

(b)

superannuation data and payment standards.

Note:

Section 288‑110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection.

Strict liability offence

(2)

A person commits an offence of strict liability if the person contravenes subsection (1).

Penalty: 20 penalty units.

Note:

For offences of strict liability, see subsection 6.1(1) of the Criminal Code.

(3)

A contravention of subsection (1) does not affect the validity of a transaction.

This Act’s bill:Second reading speech

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