We have joined forces with One Direct Advisory, expanding our services to include expert advice across business strategy, finance, corporate structuring, governance and HR. Find out more here.

Business and Corporate Law, Taxation

Director Liability and Penalty Notices

Directors may be personally liable for Company tax debts including GST liabilities once the Government introduces the unique Director Identification Number (DIN) to regulate illegal phoenix activities.

A widened scope of Directors personal liability is being considered by the Government as part of the Director Penalty provisions. Currently the Director Penalty Notices apply to PAYG and Superannuation and would apply similarly to GST debts.

Personal liability for Directors could place their personal assets at risk. We would recommend that Directors consider the correct structuring advice in consideration of the above Governmental reforms and their duties as Directors of a company.

Leave a Reply

Copyright 2019 @ Priority Business Lawyers