The Commissioner has released a decision impact statement about the Supreme Court of NSW, Court of Appeal case, Panayi v Deputy Commissioner of Taxation  NSWCA 93.
The case concerned the application of the lockdown director penalties provisions as introduced by the Tax Laws Amendment Act 2012 (Cth). In that case, the issue was whether the primary judge erred in applying the amended form of section 269-30 of Schedule 1 to the Taxation Administration Act 1953. The Court of Appeal held that an amendment that prospectively alters a person’s unexercised opportunity to have a liability remitted, does not engage the common law presumption that statutes do not have retrospective operation.
The Commissioner confirmed that the case accords with the ATO’s view of the lockdown director penalty provisions.