Newly enacted legislation increases the accountability of company directors—and extends director penalties to goods and services tax (GST) liabilities.
The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received Royal Assent on Monday, 17 February 2020. With this legislation, directors now need to have a level of comfort that their company has met its obligations in complying with GST rules. Accordingly, they need to consider whether the company has robust systems aimed at producing good compliance with the GST law.
For more information, contact a KPMG tax professional in Australia:
John Oesterheld | +61 8 9278 2039 | email@example.com
Anthony Versace | +61 3 9288 5934 | firstname.lastname@example.org
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