DIRECTOR PENALTY NOTICE
In Australia, the Australian Taxation Office has the ability to issue a Directors Penalty Notice which allows them to collect unpaid Pay As You Go (PAYG) Tax and also unpaid Superannuation entitlements under the Superannuation Guarantee Charge (SGC) directly from Company Directors.
This legislation falls under section 222AOE of the Income Tax Act 1936.
What this means is that once a Directors Penalty Notice has been issued your limited liability protection through your Company is now threatened and you may be held as personally liable for these debts.
If you are worried about the possibility of being subject to a Directors Penalty Notice, or if you have received a Directors Penalty Notice, act now and call the S&R Partner Group for further expert advice on what options you have available.
Call us on 1300 803 290 for a Free Consultation