Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).
Ch 4 heading inserted by No 73 of 2006, s 3 and Sch 5 item 42, effective 1 July 2006.
Pt 4-25 heading substituted by No 32 of 2006, s 3 and Sch 3 item 11, applicable in relation to conduct engaged in on or after 6 April 2006. The heading formerly read:
PART 4-25 - CHARGES AND ADMINISTRATIVE PENALTIES FOR FAILING TO MEET OBLIGATIONS
Pt 4-25 (heading) substituted by No 101 of 2004.
Pt 4-25 inserted by No 179 of 1999.
Div 288 heading substituted by No 91 of 2000.
Div 288 inserted by No 179 of 1999.
is liable to an administrative penalty of 1 penalty unit.
S 288-85 inserted by No 23 of 2016, s 3 and Sch 1 item 2, effective 19 March 2016. For application and transitional provision, see note under Subdiv 396-C heading.
Former s 288-85 repealed by No 56 of 2010, s 3 and Sch 6 item 94, applicable in relation to things done on or after 4 June 2010. S 288-85 formerly read:
SECTION 288-85 FALSE OR MISLEADING STATEMENTS IN APPROVED FORMS GIVEN BY TRUSTEE OF SELF MANAGED SUPERANNUATION FUND, ETC.
288-85(1) This section applies to the trustee of:
(a) a *self managed superannuation fund; or
(b) a fund that is treated as a self managed superannuation fund under subsection 10(4) of the Superannuation Industry (Supervision) Act 1993).
288-85(2) The trustee is liable to an administrative penalty of 20 penalty units if:
(a) the trustee gives the Commissioner or another entity a statement in an *approved form in relation to the fund; and
(b) the statement is false or misleading in a material particular, whether because of things in it or omitted from it.
288-85(3) Subsection (4) applies if:
(a) a trustee is liable to an administrative penalty under subsection (2); and
(b) the trustee is a body corporate.
288-85(4) The directors of the body corporate at the time it becomes liable to the penalty are jointly and severally liable to pay the amount of the *tax-related liability in respect of the penalty.
See section 265-45 for rules on joint liability.
Former s 288-85 inserted by No 9 of 2007, s 3 and Sch 5 item 35, applicable on and after 1 July 2007.