Have you received a Director Penalty Notice?  One of the most important notices you need to address immediately is a Directors Penalty Notice which is issued by the Australian Taxation Office. If you get a Directors Penalty Notice you must act immediately to avoid personal liability.

 

This notice gives the ATO the ability to  create a liability to the ATO in the name of the director. Each director of a company becomes separately liable for the full amount of the penalty. If a Director receives a Director Penalty Notice it requires the directors to take one of four specific actions within 21 days of issue or the director will be personally liable for the debt:

 

·Pay the debt in full;

·Appoint a Voluntary Administrator; or

·Appoint a Liquidator.

 

 

 

If the company is solvent, it should pay the tax.  Directors of companies that cannot pay the tax usually decided to appoint a liquidator by way of Creditors Voluntary Liquidation, or a Voluntary Administrator.  If you are close to the 21 days expiring, you'll be pleased to know that we are able to organise the appointment of a liquidator within a couple of hours. 

If Liquidation is the right solution for your company then you'll be pleased to know it is a simple process.  We will usually recommend a Creditors Voluntary Liquidation, or “CVL”, which is quick, simple and inexpensive. 

 

If you’d like to discuss your options why not contact us  now for free confidential advice on  07 3398 4189 or by completing your details on our contact form and we will contact you within 24 hours.