Directors beware - The expansion of the director penalty regime
Source: Taxation In Australia Journal Article
Published Date: 1 Jul 2012
The federal government’s policy of strengthening the existing framework between directors in their personal capacity and the tax and corporate law obligations of the companies they represent is reflected in two amending Bills introduced into parliament in October 2011 and the announcement in April this year of proposed amendments to increase the scope of the director penalty regime. Although the Bills reflect the government’s intention to target “phoenix activity”, the amendments will apply to all company directors (not only those involved in phoenix activity) and will increase the scope for directors to be personally liable for the tax failings or oversights of their companies. The proposed amendments are in addition to the existing director penalty regime.
This article outlines the existing regime regarding directors’ liabilities in respect of their companies’ tax obligations, and highlights recent developments and proposed amendments to the director penalty regime.
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Details
- Published By: Tom Lickess ATI, Ashley King CTA
- Published On:1 Jul 2012
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