In a previous post, I mentioned that the proposed changes to the Director Penalty Notice regime had been temporarily put on hold. A new draft has been released after consultation with the industry. The main proposed changes are:
1. The director penalty regime will apply to superannuation guarantee amounts.
2. Stopping directors having their director penalties remitted by placing their company into administration or liquidation when unpaid Pay As You Go (PAYG) withholding or Superannuation Guarantee (SG) amounts remain unpaid three months after the due date; and
3. Restricting access to PAYG withholding credits for company directors and their associates where the company has failed to pay withheld amounts to the Commissioner of Taxation.
The legislation is still in draft and public submissions close today.