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

Schedule 11   PAYG withholding consequential amendments

Income Tax Assessment Act 1936

68   At the end of section 222AOC

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(2) If section 222AOBA is not complied with before the end of the benefit day, each person who is a director of the company on the benefit 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 Subdivision 16-B in Schedule 1 to the Taxation Administration Act 1953 in respect of the benefit or benefits provided on the benefit day.