Treasury Laws Amendment (2022 Measures No. 4) Act 2023 (29 of 2023)

Schedule 6   Financial reporting and auditing requirements for superannuation entities

Part 2   Amendments of other Acts

Superannuation Industry (Supervision) Act 1993

265   At the end of Part 16

Add:

Division 5 - Special provisions relating to firms and companies

131CC Offences by members of a firm

(1) Section 131BA and subsection 131B(2A) apply to a firm as if it were a person, but with the changes set out in this section.

(2) An offence based on section 131BA or subsection 131B(2A) that would otherwise be committed by the firm is taken to have been committed by each member of the firm.

(3) A member of the firm does not commit an offence because of subsection (2) if the member:

(a) does not know of the circumstances that constitute the contravention of the provision concerned; or

(b) knows of those circumstances but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances.

Note: A defendant bears an evidential burden in relation to the matters in subsection (3) - see subsection 13.3(3) of the Criminal Code.

131CD Criminal liability of a firm or company

(1) For the purposes of criminal proceedings under section 131BA or subsection 131B(2A) against a firm, an act or omission by an individual who is:

(a) a member of the firm; or

(b) an employee or agent of the firm;

acting within the actual or apparent scope of the individual's employment, or within the individual's actual or apparent authority, is also to be attributed to the firm.

(2) For the purposes of criminal proceedings under section 131BA or subsection 131B(2A) against a company, an act or omission by an individual who is:

(a) an officer of the company; or

(b) an employee or agent of the company;

acting within the actual or apparent scope of the individual's employment, or within the individual's actual or apparent authority, is also to be attributed to the company.


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