Taxation Laws Amendment Act (No. 6) 2001 (169 of 2001)

Schedule 6   Personal services income

Part 4   Other amendments

Income Tax Assessment Act 1936

16D   After subsection 222AOC(1)

Insert:

(1A) If section 222AOBAA is not complied with before the end of the payment day, each person who is a director of the company on the payment day is liable to pay to the Commissioner, by way of penalty, an amount equal to the unpaid amount or amounts that the company is required to pay under section 13-5 in Schedule 1 to the Taxation Administration Act 1953 in respect of the payment or payments relating to the payment day.