Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-25 - CHARGES AND PENALTIES  

Division 288 - Miscellaneous administrative penalties  

SECTION 288-70   ADMINISTRATIVE PENALTIES FOR LIFE INSURANCE COMPANIES  

Complying superannuation asset pool - calculation of an amount

288-70(1)    
A *life insurance company is liable to an administrative penalty if the company:

(a) is required to calculate a particular amount under section 320-175 of the Income Tax Assessment Act 1997 ; but

(b) fails to do so within the period of 60 days that is required by that section.

Complying superannuation asset pool - transfer following valuation

288-70(2)    
A *life insurance company is liable to an administrative penalty if the company:

(a) is required to transfer assets having a particular *transfer value from its *complying superannuation assets under subsection 320-180(1) of the Income Tax Assessment Act 1997 ; but

(b) fails to do so within the period of 30 days that is required by subsection 320-180(2) of that Act.

Segregated exempt assets - calculation of an amount

288-70(3)    
A *life insurance company is liable to an administrative penalty if the company:

(a) is required to calculate a particular amount under section 320-230 of the Income Tax Assessment Act 1997 ; but

(b) fails to do so within the period of 60 days that is required by that section.

Segregated exempt assets - transfer following valuation

288-70(4)    
A *life insurance company is liable to an administrative penalty if the company:

(a) is required to transfer assets having a particular *transfer value from its *segregated exempt assets under subsection 320-235(1) of the Income Tax Assessment Act 1997 ; but

(b) fails to do so within the period of 30 days that is required by subsection 320-235(2) of that Act.

How to work out the administrative penalty

288-70(5)    
The administrative penalty under subsection (1), (2), (3) or (4) for a failure to make a calculation or transfer is equal to 5 penalty units for each period of 28 days or part of a period of 28 days:

(a) starting immediately after the end of the period mentioned in paragraph (b) of that subsection; and

(b) ending at the end of the day on which the calculation or transfer is made.

However, the maximum penalty for that failure must not exceed 25 penalty units.

Note 1:

See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.

Note 2:

Division 298 contains machinery provisions for the penalties provided by this section.