Summary
Introduced with the Pay As You Go Withholding Non-compliance Tax Bill 2012, the bill amends the:
Taxation Administration Act 1953
and four other Acts to: extend the director penalty regime so that directors are personally responsible for their company’s unpaid superannuation guarantee amounts; make directors and their associates liable to pay as you go (PAYG) withholding non-compliance tax in certain circumstances; and ensure that directors cannot discharge their director penalties by placing their company into administration or liquidation when PAYG withholding or superannuation guarantee remains unpaid and unreported three months after the due date;
Income Tax Assessment Act 1997
and
Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009
in relation to the taxation of financial arrangements consolidation interaction; and
Income Tax Assessment Act 1997
to modify the consolidation tax cost setting rules and rights to future income rules.