Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-25 - CHARGES AND PENALTIES  

Division 284 - Administrative penalties for statements, unarguable positions and schemes  

Subdivision 284-B - Penalties relating to statements  

Operative provisions

SECTION 284-95   JOINT AND SEVERAL LIABILITY OF DIRECTORS OF CORPORATE TRUSTEE THAT MAKES A FALSE OR MISLEADING STATEMENT  

284-95(1)    
This section applies if a trustee of a *self managed superannuation fund, or of a fund that is treated as a self managed superannuation fund under subsection 10(4) of the Superannuation Industry (Supervision) Act 1993 :


(a) is liable to an administrative penalty under subsection 284-75(1) or (4) ; and


(b) is a body corporate.

284-95(2)    
The directors of the body corporate at the time it becomes liable to the penalty are jointly and severally liable to pay the amount of the *tax-related liability in respect of the penalty.

Note:

See section 265-45 for rules on joint liability.



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