Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1311B

  (1)   The penalty applicable to an offence committed by an individual is:

  (a)   for an offence for which a fine is the only penalty specified--the fine specified; and

  (b)   for an offence for which a term of imprisonment is the only penalty specified--either the term of imprisonment, the fine worked out under this section, or both.

  (2)   If:

  (a)   a term of imprisonment is the only penalty specified for an offence; and

  (b)   the term of imprisonment is less than 10 years;

the fine mentioned in paragraph   (1)(b) is the number of penalty units worked out using the individual fine formula.

  (3)   The individual fine formula is:

  (4)   If:

  (a)   a term of imprisonment is the only penalty specified for an offence; and

  (b)   the term of imprisonment is 10 years or more;

the fine mentioned in paragraph   (1)(b) is the greater of:

  (c)   4,500 penalty units; and

  (d)   if the court can determine the benefit derived and detriment avoided because of the offence--that amount multiplied by 3.

  (5)   This section applies in relation to an offence committed by an individual unless there is a contrary intention under this Act in relation to the penalty applicable to the offence. In that case, the penalty applicable is the penalty specified for the offence.

Note:   The following are examples of cases in which a penalty is specified that would indicate a contrary intention:

(a)   the table item in Schedule   3 relating to subsection   794D(3), which specifies a penalty for each day, or part of a day, in respect of which an offence is committed;

(b)   a regulation made under paragraph   1364(2)(w) prescribing a penalty for an individual for a contravention of the regulations.