Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (6 of 2020)
Schedule 3 GST estimates and director penalties
Taxation Administration Act 1953
7 After subsection 268-10(1A) in Schedule 1
Insert:
(1B) For the purposes of this Division, if you have a *net amount for a *tax period:
(a) you are treated as being liable to pay that net amount; and
(b) that liability is treated as having arisen on the day by which you must give your *GST return for the tax period to the Commissioner in accordance with Division 31 of the *GST Act; and
(c) that liability is treated as being payable on that day; and
(d) the entire amount of that liability is treated as being unpaid.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
