Welcome to the new financial year! With tax time well and truly upon us, working with your accounts and financial advisors will place your business in a position to analyse and secure your financial standing. If you have outstanding company tax debts, as director you are at risk of receiving a Directors Penalty Notice, if you haven’t already. The Director Penalty Notice now places directors as personally responsible for the debts of the company, and if they are not met within 21 days, the ATO can seize the personal assets of the director/s.
With their sights set on wealthy individuals, sham contracting, work related expenses and employer obligations for SME’s, the financial year 2011 to 2012 is sure to hit many businesses and directors hard.
If you have a net worth between $5 million and $30 million make sure you have met you taxation obligations as the ATO expects to contact over 2000 business owners regarding outstanding tax debts.
If you have received or are at risk of receiving a Directors Penalty Notice, it is essential you seek professional advice immediately. Speak to a consultant today on 1300 60 70 60.
