Under new laws, you can be held personally liable for your company’s unpaid PAYG and superannuation debts.
What you need to watch out for is a Director Penalty Notice issued by the ATO.
In this section, we provide you with information you need to know to ensure you don’t lose your personal assets.
In short, if you have an outstanding tax debt – you are at substantial risk!
You are at grave risk if you have outstanding BAS returns and superannuation lodgements more than 3 months past due.
Tax debt is a frightening and complicated area and you need to understand the implications of a business debt on both your company’s future and your personal assets.