Menu
 

Director penalty legislation withdrawn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to amend the Directors Penalty Regime was announced in May this year and introduced to Parliament last week, only to be withdrawn rather suddenly this week.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.”

 

Follow Bates Cosgrave News on Twitter @batescosgraveCA 

Follow Bates Cosgrave on Linkedin, Facebook or Twitter


Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

Share this


Get Small Business News each month


ChineseLanguage Select

Archive
201720162015 | 2014 | 2013 | 2012 | 2011 | 2010


Sign up to our monthly client bulletin.