Tax Laws Amendment (Simplified Superannuation) Act 2007 (9 of 2007)

Schedule 5   Self-managed superannuation funds

Taxation Administration Act 1953

34   At the end of section 286-75 in Schedule 1

Add:

(5) Subsection (6) applies if:

(a) an entity is liable to an administrative penalty under subsection (1) or (2A) as the *superannuation provider in relation to a *self managed superannuation fund; and

(b) the entity is a body corporate.

(6) The directors of the body corporate at the time it becomes liable to the penalty are jointly and severally liable to pay the amount of the *tax-related liability in respect of the penalty.

Note: See section 265-45 for rules on joint liability.