Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (6 of 2020)

Schedule 3   GST estimates and director penalties

Taxation Administration Act 1953

13   Section 269-1 in Schedule 1

Omit:

The directors of a company have a duty to ensure that the company either:

(a) meets its obligations under Subdivision 16-B (obligation to pay withheld amounts to the Commissioner) and Division 268 in this Schedule and Part 3 of the Superannuation Guarantee (Administration) Act 1992 (obligation to pay superannuation guarantee charge); or

(b) goes promptly into voluntary administration under the Corporations Act 2001 or into liquidation.

substitute:

This Division deals with obligations of a company:

(a) under Subdivision 16-B in this Schedule (obligation to pay withheld amounts to the Commissioner); and

(b) under Division 268 in this Schedule (obligation to pay estimates); and

(c) under Part 3 of the Superannuation Guarantee (Administration) Act 1992 (obligation to pay superannuation guarantee charge); and

(d) under Divisions 33 and 35 of the GST Act in respect of assessed net amounts; and

(e) under Division 162 of the GST Act in respect of GST instalments.

The directors of a company have a duty to ensure that the company either:

(a) meets those obligations; or

(b) goes promptly into voluntary administration under the Corporations Act 2001 or into liquidation.