13Shortfall penalty

13 Shortfall penalty

(1) Subsection (3) applies if: (a) a person makes a statement to ASIC in a return under section 11; and (b) the statement is false or misleading in a material particular, whether because of things in it or omitted from it; and (c) the amount of levy the person paid (the paid amount) was worked out on the basis of the statement; and (d) the paid amount fell short of the levy payable by the person for the financial year (worked out on the basis of the statement not being false or misleading). (2) However, subsection (3) does not apply if the person took reasonable steps to ensure the statement was correct. (3) The person is liable to pay, by way of penalty, an amount equal to twice the amount of the shortfall worked out under paragraph (1)(d). (4) Shortfall penalty is due and payable on a business day that is: (a) specified in a notice that ASIC gives to the person in relation to the financial year; and (b) not earlier than 30 days after the day on which the notice is given. (5) However, ASIC may, by written notice given to the person before, on or after the day on which shortfall penalty would be due and payable apart from this subsection, specify a later day as the day on which the shortfall penalty is due and payable. The notice has effect, and is taken always to have had effect, according to its terms.