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
A *superannuation provider that has been given a release authority in accordance with section 292-410 of the Income Tax Assessment Act 1997 and that fails to comply with subsection 292-415(1) of that Act is liable to an administrative penalty of 20 penalty units.
[CCH Note: S 288-95(1) will be repealed by No 81 of 2016, s 3 and Sch 10 item 43, effective 1 July 2018. For application provisions, see note under Div 131.]
288-95(2)
A *superannuation provider that has been given a transitional release authority in accordance with section 292-80B of the Income Tax (Transitional Provisions) Act 1997 and that fails to comply with subsection 292-80C(1) of that Act is liable to an administrative penalty of 20 penalty units.
A *superannuation provider that fails to comply with section 96-20 (about release authority for excess superannuation contributions) is liable to an administrative penalty of 20 penalty units.
[CCH Note: S 288-95(3) will be amended by No 81 of 2016, s 3 and Sch 10 item 44, by substituting "131-35 (about release authorities for superannuation)" for "96-20 (about release authority for excess superannuation contributions)", effective 1 July 2018. For application provisions, see note under Div 131.]
S 288-95(3) amended by No 21 of 2015, s 3 and Sch 1 item 48, by substituting "superannuation" for "concessional", applicable in relation to non-concessional contributions for the 2013-14 financial year and later financial years.
S 288-95(3) substituted by No 118 of 2013, s 3 and Sch 1 item 35, effective 29 June 2013. For application, transitional and saving provisions, see note under Pt 2-35 heading. S 288-95(3) formerly read:
288-95(3) A *superannuation provider that has been issued with a release authority in accordance with section 292-420 of the Income Tax Assessment Act 1997 and that fails to comply with paragraph 292-420(4)(a) of that Act is liable to an administrative penalty of 20 penalty units.
S 288-95(3) inserted by No 75 of 2012, s 3 and Sch 4 item 16, applicable in relation to excess concessional contributions for the financial year beginning on 1 July 2011 and later financial years.
A *superannuation provider that fails to comply with section 135-75 (about release authorities for Division 293 tax) is liable to an administrative penalty of 20 penalty units.
[CCH Note: S 288-95(4) will be amended by No 81 of 2016, s 3 and Sch 10 item 45, by substituting "debt account discharge liabilities" for "Division 293 tax", effective 1 July 2018. For application provisions, see note under Div 131.]
