Taxation Administration Act 1953

(b) is required to obtain a self-certification, in relation to an account maintained by the institution, when applying the due diligence procedures described in the CRS; and

(c) fails to obtain the self-certification:

(i) if the account is a Reportable Account (within the meaning of the CRS) or an account that a notice under subsection 396-130(2) requires the entity to treat as a Reportable Account - by the time by which a statement under subsection 396-105(2) relating to the account must be given to the Commissioner; or

(ii) otherwise - by the time by which such a statement would be required to be given to the Commissioner if the account were such a Reportable Account;

is liable to an administrative penalty of 1 penalty unit.

View history note

History

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Former s 288-85 repealed by No 56 of 2010, s 3 and Sch 6 item 94, applicable in relation to things done on or after 4 June 2010.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.
Note:

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.

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.