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

Schedule 1 PwC response - Promoter penalty law reform

Insert:

(7A) The other entity referred to in paragraph (7)(a) does not include:

(a) if the entity mentioned first in subsection (7) is a partner in a partnership:

(i) the partnership; or

(ii) someone who was a partner in the partnership when the alleged conduct occurred; or

(b) if the entity mentioned first in subsection (7) is a trustee of a trust:

(i) the trust; or

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