Directors beware the expansion of the directors penalty regime

Recent legislative changes have provided the ATO with wider powers in relation to collections of unpaid PAYGW and Superannuation.

We understand that directors (and those acting in capacity as director, and even associates / partners of directors) may now be liable for unpaid PAYGW and / or Superannuation. We understand that the law has tightened significantly
around unpaid PAYGW, and now also includes unpaid superannuation.

We also understand that a failure to lodge ATO documents for three (3 months) past the due date may automatically transfer liability to the directors (or associate) in the event that the company (or trading entity) cannot pay the debt (i.e. if the company liquidates etc).

We have attached the following links with further details..

http://m.minterellison.com/publications/amendments-to-director-penalty-regime/
http://www.ato.gov.au/taxprofessionals/PrintFriendly.aspx?ms=taxprofessionals&doc=/content/00280710.htm

The link below appears to be a thorough guide, however we are unsure of the accuracy of the statements…

please read with caution.

http://insolvencyexperts.com.au/director-penalties-extended-to-unpaid-superannuation-and-payg.html

We note that it is far more important than ever before to be up to date with tax lodgments (BAS, IAS etc)

If you have any lodgments past the due date we suggest that you take immediate steps to bring all documents up to date (even if you cannot make the payment).

We can assist you with ATO payment plans if necessary. Kindly contact our office if you need any assistance.