Tax Laws Amendment (2007 Measures No. 4) Act 2007 (143 of 2007)

Schedule 7   Minor amendments

Part 2   Penalty unit conversion

104   Penalty unit conversion

(1) The provisions of the Fringe Benefits Tax Assessment Act 1986 listed in the table are amended as set out in the table.

Penalty unit conversion

Item

Provision

Omit:

Substitute:

1

Subsection 121(1) (penalty)

$1,000

10 penalty units

2

Subsection 121(2) (penalty)

$1,000

10 penalty units

3

Subsection 121(2B) (penalty)

$1,000

10 penalty units

4

Subsection 122(1) (penalty)

$1,000

10 penalty units

5

Section 135

$500

5 penalty units

(2) The provisions of the Income Tax Assessment Act 1936 listed in the table are amended as set out in the table.

Penalty unit conversion

Item

Provision

Omit:

Substitute:

1

Section 16 (penalty)

$10,000

100 penalty units

2

Subsection 124ZADA(3) (penalty)

$200

2 penalty units

3

Subsection 124ZADB(1) (penalty)

$200

2 penalty units

4

Subsection 202CD(1) (penalty)

$1,000

10 penalty units

5

Subsection 202CD(4) (penalty)

$1,000

10 penalty units

6

Subsection 202EE(2) (penalty)

$1,000

10 penalty units

7

Subsection 202EF(4) (penalty)

$1,000

10 penalty units

8

Subsection 213(2) (penalty)

$2,000

20 penalty units

9

Section 251A (sub-subparagraph (c)(ii)(A) of the definition of serious taxation offence)

$2,000

20 penalty units

10

Subsection 251KG(1) (penalty)

$500

5 penalty units

11

Subsection 251KH(1) (penalty)

$500

5 penalty units

12

Section 251KJ (penalty)

$500

5 penalty units

13

Subsection 251KK(2) (penalty)

$500

5 penalty units

14

Subsections 251N(1), (2) and (2B) (penalty)

$1,000

10 penalty units

15

Subsection 251O(1) (penalty)

$1,000

10 penalty units

16

Subsection 252(3)

$50

1 penalty unit

17

Subsection 252A(1)

$50

1 penalty unit

18

Section 266

$500

5 penalty units

(3) The provisions of the Taxation Administration Act 1953 listed in the table are amended as set out in the table.

Penalty unit conversion

Item

Provision

Omit:

Substitute:

1

Subsection 3D(21)

$10,000

100 penalty units

2

Subsection 8E(1)

$2,000

20 penalty units

3

Subsection 8E(2)

$4,000

40 penalty units

4

Subsection 8E(3)

$5,000

50 penalty units

5

Subsection 8H(1)

$5,000

50 penalty units

6

Subsection 8M(1)

$2,000

20 penalty units

7

Subsection 8M(2)

$4,000

40 penalty units

8

Subsection 8R(1)

$3,000

30 penalty units

9

Subsection 8R(2)

$5,000

50 penalty units

10

Subsection 8V(1)

$5,000

50 penalty units

11

Subsection 8V(2)

$10,000

100 penalty units

12

Subsection 8WA(1) (penalty)

$10,000

100 penalty units

13

Subsection 8WB(1) (penalty)

$10,000

100 penalty units

14

Subsection 8WC(1) (penalty)

$10,000

100 penalty units

15

Section 8XA (penalty)

$10,000

100 penalty units

16

Subsection 8XB(1) (penalty)

$10,000

100 penalty units

17

Subsection 13F(4) (penalty)

$1,000

10 penalty units

18

Subsection 14J(3) (penalty)

$1,000

10 penalty units

19

Subsection 14R(1) (penalty)

$5,000

50 penalty units

20

Subsection 14ZA(1) (penalty)

$500

5 penalty units