269-5

Object of Division

Current

The object of this Division is to ensure that a company either:

(a)

meets its obligations under:

(i)

Subdivision 16‑B (obligation to pay withheld amounts to the Commissioner); and

(ii)

Division 268 (estimates of PAYG withholding liabilities and superannuation guarantee charge); and

(iii)

Part 3 of the Superannuation Guarantee (Administration) Act 1992 (obligation to pay superannuation guarantee charge); and

(iv)

Divisions 33 and 35 of the *GST Act in respect of *assessed net amounts; and

(v)

Division 162 of the GST Act in respect of GST instalments (within the meaning of the GST Act); or

(b)

goes promptly into voluntary administration or restructuring under the Corporations Act 2001 or into liquidation.

Note:

The directors’ duties are enforced by penalties on the directors. A penalty recovered under this Division is applied towards meeting the company’s obligation.

This Act’s bill:Second reading speech

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