Treasury Laws Amendment (Tax Accountability and Fairness) Act 2024 (37 of 2024)

Schedule 1   PwC response - Promoter penalty law reform

Taxation Administration Act 1953

36   At the end of Division 444 in Schedule 1

Add:

Subdivision 444-F - Trusts

Table of sections

444-120 Joint and several liability for all trustees

444-120 Joint and several liability for all trustees

If:

(a) a trust has more than one trustee; and

(b) a civil penalty is imposed in relation to a contravention of a provision of this Schedule or an *indirect tax law on one of those trustees;

then all the trustees are jointly and severally liable to pay the amount of the penalty.