SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 20 - ADMINISTRATIVE DIRECTIONS AND PENALTIES FOR CONTRAVENTIONS RELATING TO SELF MANAGED SUPERANNUATION FUNDS  

Division 3 - Administrative penalties  

SECTION 166   ADMINISTRATIVE PENALTIES IN RELATION TO SELF MANAGED SUPERANNUATION FUNDS  

166(1)  
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

Note:

See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.

166(2)  
For the purposes of subsection (1), the persons are:


(a) a trustee of a self managed superannuation fund; or


(b) a director of a body corporate that is a trustee of a self managed superannuation fund.

Note:

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 .

166(3)  
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.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.