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Director penalty legislation withdrawn
26 November 2011
A new Tax Laws Amendment (2011 Measures No. 8) Bill 2011 to amend the Directors Penalty Regime was announced in May this year and introduced to Parliament last week, only to be withdrawn rather suddenly this week.
Assistant Treasurer Bill Shorten announced that the measure would be re-introduced in early 2012, citing the need for additional consultation from stakeholders.
For the time being, it’s business as usual for company directors, however when the legislation is re-introduced it is likely to pass.
Opposition treasury spokesman Joe Hockey said of the announcement: “The government was using a sledgehammer to crack a nut and thankfully the nut rebelled.”
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