Taxation Laws Amendment Act (No. 6) 2001 (169 of 2001)

Schedule 6   Personal services income

Part 4   Other amendments

Income Tax Assessment Act 1936

16E   After subsection 222AOD(1)


(1A) If:

(a) after the payment day, a person becomes, or again becomes, a director of the company at a time when section 222AOBAA has not yet been complied with in relation to the payment or payments relating to the payment day; and

(b) at the end of 14 days after the person becomes a director, that section has still not been complied with in relation to that payment or those payments;

the person is liable to pay to the Commissioner, by way of penalty, an amount equal to the unpaid amount of the liability referred to in subsection 222AOC(1A).