A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 11   PAYG withholding consequential amendments

Income Tax Assessment Act 1936

70   At the end of section 222AOD

Add:

(2) If:

(a) after the benefit day, a person becomes, or again becomes, a director of the company at a time when section 222AOBA has not yet been complied with in relation to the benefit or benefits provided on the benefit day; and

(b) at the end of 14 days after the person becomes a director, that section has still not been complied with in relation to that benefit or those benefits;

the person is liable to pay to the Commissioner, by way of penalty, an amount equal to the unpaid amount of the liability referred to in subsection 222AOC(2).