Hot Issues
spacer
Our Advent calendar for 2017
spacer
Capital Gains and Renounceable Rights
spacer
Treasury finds Australia 'increasingly uncompetitive' as US moves on tax plans
spacer
Australia's vital statistics
spacer
SMSFs warned on ‘ticking time bomb’ with outdated deeds
spacer
Taxation ruling on commercial website deductibility
spacer
68% of SMEs ‘significantly stressed,’ 85% rely on accountants
spacer
Statutory wills are underutilised in estate planning
spacer
Small business slips on lodgement deadlines
spacer
300,000 SMEs utilising $20K write-off, says ATO
spacer
‘A bad thing times 10’: ATO set for new SMSF blitz
spacer
Capital Gains and Renounceable Rights
spacer
Paperwork bungles lead to $38k in payments
spacer
Australian Dietary Guidelines and healthy eating chart (PDF)
spacer
Former director liable for company’s unpaid tax liabilities
spacer
Resources on our site to help you, your family and your friends.
spacer
Super for housing measures enter Senate
spacer
No Special Circumstances to allow Excess Super Contributions
spacer
Housing tax measures progress to Parliament
spacer
AirBnb – wrong tax outcome?
spacer
Are young investors wasting their youth?
spacer
ATO sending 'more letters than ever' on income tax errors
spacer
Powerful Budgeting, cash flow and Super Tools available on our site.
spacer
Property, unit trusts in ATO's sights
spacer
Australian Dietary Guidelines and healthy eating chart (PDF)
spacer
Major Bank Levy Passed
spacer
NSW tops list as ATO reveals billions in lost super
spacer
Australia's leading causes of death - ABS
spacer
How is your super going, ready for retirement?
spacer
ATO increasing data exchange with international regulators
spacer
Illegal SMSF early access scheme leads to $6,000 fine
spacer
Our 'hardest' SMSF tasks
spacer
Uber drivers hit for 10% tax
spacer
Lack of literacy promotes unrealistic goals
Article archive
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Former director liable for company’s unpaid tax liabilities

A reminder that directors can very easily become responsible for unpaid taxation liabilities.

 

 

In the New South Wales District Court, a former non-executive director was held liable in full for unpaid PAYG withholding liabilities.

A director must take all reasonable steps to ensure that the company taxation obligations have been satisfied.  Whilst in this case the director had relied upon assurances from the company officers that the debts would be paid and that arrangements were being entered into, ultimately the company did not pay any instalments.  The director assisted in negotiations after he received a Director Penalty Notice from the Australian Taxation Office, but then resigned as a director.  Still, the company did not pay.

The ATO chose to recover (successfully) against one of the two directors.

Whilst there might be many justifications for non-payment, and advisers and lawyers will argue on your behalf, ultimately the ATO will win almost every time they issue a Director Penalty Notice.

 

AcctWeb