TO debt is split into 4 main general areas – 1. GST 2.Income Tax 3. PAYG 4. Superannuation.
The first two attract no personal liability whilst the last two may expose Directors for personal liability.
- GST and Income tax are company debts and at no stage are they ever a Director’s personal liability. If you have this type of debt and place a company into Liquidation, you are not directly personally liable for these specific debts.
- PAYG and Superannuation is a little more complicated. It all comes down to whether you lodged your BAS and superannuation lodgement returns on time, and if you have received a Director Penalty Notice. If you have not lodged BAS and superannuation lodgement returns, or have lodged these late, or received a DPN – call us straight away, and we can advise the options available.
There are a number of solutions to working through this – so that NO – the ATO will not take your house, but you need to get advice NOW.
The best way to sort through insolvency issues to get on the front foot immediately – as once legal action starts, it is very difficult to slow it down or stop it.
More information? To find out more, give us a call on 1300 023 782 or email firstname.lastname@example.org.
The team at C&D Restructure and Taxation Advisory are here to help. As part of the Vault Group we can offer the full suite of financial products and advice to help you navigate the business landscape. Schedule a meeting here via Calendly or give us a call on 1300 1 VAULT (1300 182 858)