*Tax Bill (No 2) and PAYG Withholding Bill await Assent – director penalty regime; Consolidation cost setting; TOFA & Consolidation [14]

The Tax Laws Amendment (2012 Measures No 2) Bill 2012 and Pay As You Go Withholding Non-compliance Tax Bill 2012 were both passed by the Senate on Wed 27.6.2012 without amendment and effectively await Royal Assent. The Bills will:

(i)      extend the director penalty regime to, among other things, make directors personally liable for their company’s unpaid superannuation guarantee amounts (the tax on directors and their associates will be imposed by the Pay As You Go Withholding Non Compliance Tax Bill 2012);

(ii)      modify the consolidation tax cost setting rules; and

(iii)     make amendments to TOFA consolidation interaction provisions.

[LTN 122, 27/6]