Superannuation Legislation Amendment (Stronger Super) Act 2012 (91 of 2012)

Schedule 1   Data and payment standards relating to superannuation and retirement savings

Part 1   Main amendments

Taxation Administration Act 1953

3   At the end of Division 288 in Schedule 1

Add:

288-110 Contravention of superannuation data and payment regulation or standard

Liability to penalty - RSA providers and trustees of superannuation entities

(1) An entity is liable to an administrative penalty if the entity contravenes:

(a) subsection 34M(1) of the Superannuation Industry (Supervision) Act 1993; or

(b) subsection 45D(1) of the Retirement Savings Accounts Act 1997.

(2) An entity is liable to an administrative penalty if the entity contravenes:

(a) subsection 34P(6) of the Superannuation Industry (Supervision) Act 1993; or

(b) subsection 45F(6) of the Retirement Savings Accounts Act 1997.

Liability to penalty - employers

(3) An entity is liable to an administrative penalty if the entity contravenes:

(a) subsection 34N(1) of the Superannuation Industry (Supervision) Act 1993; or

(b) subsection 45E(1) of the Retirement Savings Accounts Act 1997.

(4) An entity is liable to an administrative penalty if the entity contravenes:

(a) subsection 34Q(6) of the Superannuation Industry (Supervision) Act 1993; or

(b) subsection 45G(6) of the Retirement Savings Accounts Act 1997.

Amount of the penalty

(5) The amount of the penalty is:

(a) for an administrative penalty under subsection (1) or (3) - 4 penalty units; or

(b) for an administrative penalty under subsection (2) or (4) - 10 penalty units.

Note: The Commissioner is required to notify you of an administrative penalty: see section 298-10.