Company Directors on the Gold Coast need to beware the Australian Taxation Office has you in their sites.

The ATO has the power to collect outstanding deducted taxes by making directors liable for a ‘penalty’ for the same amount as the unpaid tax.

These provisions 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;
• Enter into an installment arrangement to repay the debt;
• Appoint a Voluntary Administrator; or
• Appoint a Liquidator.

If you suspect that you maybe a target of an Directors Penalty Notice contact Tax Return Gold Coast now, without delay 1300 60 70 60.