Director penalty regime: Draft legislation

The government has released exposure draft legislation to change the director penalty regime. The main aspects of the proposed amendments involve:

  • expanding the director penalty regime to superannuation guarantee (SG) amounts
  • ensuring that directors cannot have their director penalties remitted by placing their company into administration or liquidation when unpaid pay-as-you-go (PAYG) withholding or SG amounts remain unpaid three months after the due dates
  • 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