Penalty Units Have Gone Up

The dollar value of penalty units have now increased to $180 each (previously $170).

This change is effective on and from 31 July 2015.

The next indexation will take place on 1 July 2018 – as part of the Government’s policy that the dollar value of penalty units be maintained.  

This increase in the dollar value will flow through to the various penalty provisions of the Superannuation Industry (Supervision) Act and the taxation acts.

For example the maximum penalty on a trustee of an SMSF for failing to lodge the annual return for the SMSF will now be $9,000 (previously $8,500) if the failure is prosecuted as a criminal offence.  If the failure to lodge is treated as an administrative offence the maximum penalty will be $4,500 (previously $4,250).