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Hello All,
I have been a long time lurker on this forum and for the information so freely given by many of you, I am truly thankfull.
Through out the Strat Schemes Management Act, there is mention of 5 penalty units even as high as 100 penalty units for breaches of the act, however I have not been able to find what a penalty unit is, can some one explain penalty unit?
Thank you.
David
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I don’t know the magnitude of a penalty unit in NSW. In general, in legislation, the penalty (IE fine) for doing something is expressed in penalty units. Government regulation periodically increases the value so that fines for various things keep pace with inflation. Otherwise, legislation that has not been updated in a while could have fines of three farthings for quite serious matters.
I expect one can find somewhere on a local government web site what the current value of a penalty unit is.
Hi, in NSW one penalty unit is currently $110.
Yes, it’s $100 plus GST. Interestingly, the penalties for some breaches are about to be doubled – but the penalty unit remains the same.
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