Commonwealth Consolidated Acts Commonwealth Consolidated ActsReporting nominee must keep records
(1) A reporting nominee must keep records of any information used in the preparation of a payment times report for a reporting period for at least 7 years after the end of the reporting period.
Civil penalty
(2) A reporting nominee is liable to a civil penalty if:
(a) the reporting nominee is required to keep records under subsection (1); and
(b) the reporting nominee fails to comply with the requirement.
Civil penalty: 200 penalty units.
(3) For the purposes of subsection (2), 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 0.2% 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 (2).