Newsflash: The ATO’s Director Penalty Bill introduced into Parliament

Today the Tax Laws Amendment (2012 Measures No 2) Bill 2012 was introduced into Parliament which, amongst other things, will extend the potential for personal liability of directors after issue of DPNs to cover their company’s unpaid and unreported superannuation obligations, as well as PAYG. For further detail refer to my earlier post about the exposure draft of this bill here.

Submissions were due on 2 May 2012, after just a 2 week window allowed by Treasury for their receipt, but have still not been made public. This is a notably short timeframe between the deadline for submissions and the introduction of the Bill to Parliament.

You can download a full copy of the Bill here and the EM here.