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

Schedule 3   GST estimates and director penalties

Taxation Administration Act 1953

7   After subsection 268-10(1A) in Schedule 1

Insert:

(1B) For the purposes of this Division, if you have a *net amount for a *tax period:

(a) you are treated as being liable to pay that net amount; and

(b) that liability is treated as having arisen on the day by which you must give your *GST return for the tax period to the Commissioner in accordance with Division 31 of the *GST Act; and

(c) that liability is treated as being payable on that day; and

(d) the entire amount of that liability is treated as being unpaid.