Tax Laws Amendment (Transfer of Provisions) Act 2010 (79 of 2010)

Schedule 1   Collection and recovery of tax

Part 3   Application, transitional and saving provisions

Divison 5   Directors' obligations

65   Transitional - penalties

No doubling-up of penalties

(1) Subsection 269-20(1) in Schedule 1 to theTaxation Administration Act 1953, as added by this Schedule, does not apply if the due day referred to in that subsection occurs before the commencement time.

(2) Subsection 269-20(3) in Schedule 1 to that Act, as added by this Schedule, does not apply if the 14th day referred to in that subsection occurs before the commencement time.

New provisions apply to existing penalties

(3) Subitem (4) applies in relation to a penalty that, just before the commencement time, was payable under Division 9 of Part VI of theIncome Tax Assessment Act 1936.

(4) Division 269 in Schedule 1 to theTaxation Administration Act 1953 (other than section 269-20) has effect, from the commencement time, as if the penalty were payable under Subdivision 269-B in that Schedule.

Penalties remitted because of payment agreement

(5) Subitem (6) applies if:

(a) a penalty payable by a director of a company was remitted under section 222APF of theIncome Tax Assessment Act 1936 because the company made an agreement with the Commissioner as mentioned in paragraph 222APB(1)(b); and

(b) on or after the commencement time, the company contravenes the agreement such that the director would have been liable to pay a penalty under section 222AQA if that section had continued to apply.

(6) Division 269 in Schedule 1 to theTaxation Administration Act 1953 (other than section 269-20) has effect, from the commencement time, as if the penalty:

(a) had not been remitted; and

(b) were payable under Subdivision 269-B in that Schedule.