Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (17 of 2019)

Schedule 4   Amendment of the Insurance Contracts Act 1984

Part 1   Amendments

Insurance Contracts Act 1984

1   Subsection 11(1)

Insert:

annual turnover , of a body corporate during a 12-month period, means the sum of the values of all the supplies that the body corporate, and any body corporate related to the body corporate, have made, or are likely to make, during the 12-month period, other than:

(a) supplies made from any of those bodies corporate to any other of those bodies corporate; or

(b) supplies that are input taxed; or

(c) supplies that are not for consideration (and are not taxable supplies under section 72-5 of the A New Tax System (Goods and Services Tax) Act 1999); or

(d) supplies that are not made in connection with an enterprise that the body corporate carries on; or

(e) supplies that are not connected with Australia.

Expressions used in this definition that are also used in the A New Tax System (Goods and Services Tax) Act 1999 have the same meaning as in that Act.

benefit derived and detriment avoided because of an offence has the meaning given by section 75F.

civil penalty provision : a subsection of this Act (or a section of this Act that is not divided into subsections) is a civil penalty provision if:

(a) the words "civil penalty" and one or more amounts in penalty units are set out at the foot of the subsection (or section); or

(b) another provision of this Act specifies that the subsection (or section) is a civil penalty provision.

contravention :

(a) in relation to an offence against a law - includes an ancillary offence relating to the offence against the law; and

(b) in relation to a civil penalty provision - has a meaning affected by section 75Q.

infringement notice means a notice given under section 75W.

involved , in relation to a contravention, has the same meaning as in the Corporations Act 2001.

payment period , in relation to an infringement notice, has the meaning given by section 75Z.

pecuniary penalty order has the meaning given by subsection 75B(4).

relevant court means:

(a) the Federal Court of Australia; or

(b) the Federal Circuit Court of Australia; or

(c) the Supreme Court of a State or Territory.

subject to an infringement notice , in relation to an offence provision or civil penalty provision, has the meaning given by section 75X.