GST: Directors are now Personally Liable!

New laws can make directors personally liable for GST

The government recently passed new legislation designed to strengthen laws to “crack down on illegal phoenixing activity by dodgy business operators who try to avoid their obligations to their customers, employees and creditors.”
In particular, the changes allow the ATO to collect estimates of anticipated GST liabilities, and make company directors personally liable for their company’s GST liabilities in certain circumstances (basically by including these liabilities in the director penalty notice regime).
Importantly, the expansion of the director penalty notice regime to include GST liabilities will commence from 1 April 2020.

If you need any assistance towards the new implementation, please do not hesistate to contact us by clicking here. We are always ready for your call.

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