Section 1311B — Corporations Act 2001: Penalty applicable to an offence committed by an individual

(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.