In a statement issued today, Treasurer Scott Morrison said the reform will represent the "most significant increases in maximum civil penalties in twenty years".
The government will increase penalties under the Corporations Act to:
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- "For individuals: (i) 10 years' imprisonment; and/or (ii) the larger of $945,000 OR three times the benefits;
- For corporations: (i) the larger of $9.45 million OR (ii) three times benefits OR 10% of annual turnover.
- the greater of $1.05 million (for individuals, from $200,000) and $10.5 million (for corporations, from $1 million); or
- three times the benefit gained or loss avoided; or
- 10% of the annual turnover (for corporations)
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