Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)
Schedule 2 Amendment of the Banking Act 1959
36 Subsection 23(1)
Repeal the subsection, substitute:
(1) An ADI is guilty of an offence if:
(a) it fails to comply with section 22 on any day; and
(b) that day is not a day to which subsection (2) applies; and
(c) there is no order in force under section 11 determining that this subsection does not apply to the ADI.
Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
(1A) If an ADI is convicted of an offence against subsection (1), it is liable to a fixed penalty equal to the amount worked out using the formula:
(Amount of shortfall / 365) * (20 / 100)
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).