Treasury Laws Amendment (Tax Accountability and Fairness) Act 2024 (37 of 2024)

Schedule 1   PwC response - Promoter penalty law reform

Taxation Administration Act 1953

19   Subsection 290-55(2) in Schedule 1

Repeal the subsection, substitute:

(2) The other entity referred to in paragraph (1)(b) does not include:

(a) someone who was an employee or agent of the entity when the alleged conduct occurred; or

(b) if the entity is a body corporate - someone who was a director of the entity when the alleged conduct occurred; or

(c) if the entity is a partner in a partnership - someone who was also a partner in the partnership when the alleged conduct occurred; or

(d) if the entity is a trustee of a trust that has more than one trustee - someone who was also a trustee of the trust when the alleged conduct occurred.