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06 Jul 1111 Countering fraudulent phoenix activity

In media release No 2011/101, issued 5 July 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced the release for public consultation of exposure draft legislation on the 2011-12 Budget measure: Tax compliance - countering fraudulent phoenix activities by company directors.

"These amendments will help to secure workers' superannuation, and are not limited to directors of phoenix companies, but apply broadly to directors' obligations to cause their company to pay certain tax liabilities and superannuation guarantee amounts for employees," Mr Shorten said.

The Government will address these issues through three measures in the tax law:

  • Extending the director penalty regime to make directors personally liable for their company's failure to pay employees' superannuation guarantee amounts
  • Allowing the ATO to immediately pursue directors under the director penalty regime where the company's unpaid PAYG withholding and superannuation guarantee liability remains unpaid and unreported three months after the due day
  • Providing the Commissioner with the discretion to prevent directors and, in some instances their associates, from obtaining PAYG withholding credits where the company has an outstanding PAYG liability.

Submissions close on 1 August 2011 to allow for the introduction of the measure in the Spring sittings of Parliament.


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