The Australian Taxation Office (ATO) will issue a Director’s Penalty Notice to inform a company director that they are now liable for the tax owed to the ATO by the company. Since their creation in 1993 the ATO have used Director’s Penalty notices to assist in the recovery of company liabilities.
The ATO will use a Director’s Penalty Notice to discourage the incorrect use of money being withheld by the company. Company directors must be aware of the obligations they have to meet when they issued with a Director’s Penalty Notice and must take steps to ensure they are able to comply.
Director’s Penalty Notices is a website dedicated to providing Directors with the most accurate information and affordable resolutions. It is important to note that the ATO does not need to issue any notice or take any action to for the penalty to be issued, if you fail to pay your debts by the due date, the penalty is issued automatically.
If you have received Director’s Penalty Notices, you need to act immediately. From the date of issue a Director has 21 days to:
- Pay the debt in full
- Enter into an instalment arrangement to repay the debt
- Appoint a Voluntary Administrator, or
- Appoint a Liquidator.
The team at Director’s Penalty Notices can help you decide which option is right for you and your situation. Director’s Penalty Notice works with you to understand your financial situation and recommend the best strategy to manage your debt crisis.
Director’s Penalty Notices will ask you some simple questions to ascertain your financial situation before assigning you a consultant who will guide you through any processes you need to undertake to regain control of your financial situation. Let our consultants guide you through your financial situation today.