16Reporting entities and reporting nominees must not give false or misleading reports

16 Reporting entities and reporting nominees must not give false or misleading reports

Reporting entities that are not volunteering entities (1) A reporting entity is liable to a civil penalty if: (a) the entity gives the Regulator a payment times report; and (b) the report is false or misleading in a material particular; and (c) the entity is not a volunteering entity.

Civil penalty: 350 penalty units.

(2) For the purposes of subsection (1), the reference in paragraph 82(5)(a) of the Regulatory Powers Act to 5 times the pecuniary penalty specified for the civil penalty provision has effect as if it were a reference to 0.6% of the total income for the person for the income year in which the contravention occurred.

Note: This subsection modifies the maximum pecuniary penalty that a body corporate can be ordered to pay for a contravention of subsection (1).

Volunteering entities (3) A volunteering entity must not give the Regulator a payment times report that is false or misleading in a material particular. Reporting nominees (4) A reporting nominee is liable to a civil penalty if: (a) the reporting nominee gives the Regulator a payment times report; and (b) the report is false or misleading in a material particular.

Civil penalty: 350 penalty units.

(5) For the purposes of subsection (4), the reference in paragraph 82(5)(a) of the Regulatory Powers Act to 5 times the pecuniary penalty specified for the civil penalty provision has effect as if it were a reference to 0.6% of the total income for the person for the income year in which the contravention occurred.

Note: This subsection modifies the maximum pecuniary penalty that a body corporate can be ordered to pay for a contravention of subsection (4).