The ATO has reminded company directors that if the company is not meeting its PAYG withholding, GST or SGC obligations, the ATO may recover these amounts from the director personally.

It also reminds persons who are about to become a director of a company, to check for any such unpaid or unreported liabilities. This is because if you become a director and the company has such outstanding liabilities, you will become personally liable for a penalty equal to these amounts – subject to a 30 day period to attend to them or to appoint an administrator or to wind up the company.

If you have any questions regarding your obligations as a former, existing or future director, get in touch with us today!

BIS Cosgrove

07 5598 3800

info@biscosgrove.com.au