28 Jun 12 2012 Measures No 2 Bill awaits Royal Assent
On 27 June 2012, the Senate passed Tax Laws Amendment (2012 Measures No 2) Bill 2012 without amendment.
The Bill amends:
- 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; to make directors and their associates liable to pay as you go (PAYG) withholding non-compliance tax in certain circumstances; and to 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;
- ITAA 1997and Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 in relation to the taxation of financial arrangements consolidation interaction; and
- ITAA 1997 to modify retrospectively the consolidation tax cost setting rules and rights to future income rules.
The Bill now awaits Royal Assent.