Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 6   Miscellaneous amendments

Part 6   Administrative penalties for false or misleading statements

1   Division 1 - Main amendments

Taxation Administration Act 1953

75   At the end of Subdivision 284-B in Schedule 1

Add:

284-95 Joint and several liability of directors of corporate trustee that makes a false or misleading statement

(1) This section applies if a trustee of a *self managed superannuation fund, or of a fund that is treated as a self managed superannuation fund under subsection 10(4) of the Superannuation Industry (Supervision) Act 1993:

(a) is liable to an administrative penalty under subsection 284-75(1) or (4); and

(b) is a body corporate.

(2) 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.