83Civil penalty provisions—amount of penalty

83 Civil penalty provisions—amount of penalty

(1) Despite subsection 82(5) of the Regulatory Powers Act, the pecuniary penalty payable: (a) by a person; and (b) under a civil penalty order under Part 4 of that Act (as that Part applies because of section 82 of this Act); must not be more than the maximum penalty amount worked out under this section for a contravention by the person. Maximum amount of civil penalty—bodies corporate (2) For the purposes of subsection (1), the maximum penalty amount for a contravention by a body corporate of a civil penalty provision of this Act is the greatest of the following: (a) 50,000 penalty units; (b) if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; (c) either: (i) 10% of the annual turnover of the body corporate for the 12‑month period ending at the end of the month in which the body corporate contravened, or began to contravene, the provision; or (ii) if the amount worked out under subparagraph (i) is greater than an amount equal to 2.5 million penalty units—2.5 million penalty units.

Note: For the meanings of annual turnover and benefit derived and detriment avoided, see section 8.

Maximum amount of civil penalty—other persons (3) For the purposes of subsection (1), the maximum penalty amount for a contravention by a person other than a body corporate of a civil penalty provision of this Act is the greater of the following: (a) 5,000 penalty units; (b) if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3.

Note 1: For the meaning of benefit derived and detriment avoided, see section 8.

Note 2: Section 81 is the only civil penalty provision of this Act that can be contravened by a person other than a body corporate.

Additional relevant matter (4) In addition to the matters a court must take into account under subsection 82(6) of the Regulatory Powers Act in determining the pecuniary penalty for a contravention of a civil penalty provision by an RSE licensee, the court must take into account the impact that the penalty under consideration would have on the beneficiaries of any registrable superannuation entities of which the RSE licensee is a trustee.