On 28 November 2012, the Crimes Legislation Amendment (Serious Drugs, Identity Crime and Other Measures) Bill 2012 received royal assent.
This act increases the value of a penalty unit from $110 to $170.00 and requires the value of a penalty unit to be reviewed every three (3) years. The value of a penalty unit has not increased since 1997. The change affects the value of a penalty unit in most Commonwealth laws, including the Taxation Administration Act 1953.
The new value of a penalty unit applies where the matter at giving rise to the penalty occurs on or after 28 December 2012.