A Director Penalty Notice is served by issuing it to a director’s home address as it appears on the Australian Securities and Investments Commission (ASIC) register. It may also be issued to the company’s Registered Tax Agent.
It is a directors’ responsibility to ensure their current residential address is maintained at ASIC.
If a director fails to maintain their current address details and a Director Penalty Notice is issued to a previous address and because of that is not received or acted upon within 21 days, it IS NOT a valid defence. The directors will not avoid personal liability based on this defense.
It is therefore IMPERATIVE that if you move you update your address details with the ASIC.
It’s also vital that if you receive a Director Penalty Notice, you act immediately.