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ARTICLE · 05 SEPTEMBER 2022

Director penalty notices have arrived!

Worrells
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With only 21 days to deal with a director penalty notice, company directors should immediately consider their options.

AustraliaInsolvency/Bankruptcy/Re-Structuring
James Robba
James Robba
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It's decision time.

There is no doubt the Australian Taxation Office (ATO) took a compassionate approach to debt collection at the height of the unprecedented COVID-19 lockdowns, allowing small business more time to get on top of its tax debts.

While the economy is still dealing with the ongoing effects of the pandemic, the newly formed Labor government is pushing forward with plans for "a better future for all Australians". Those big plans will cost big money.

Whether or not the change in government was the key trigger, Worrells teams across the country are all reporting a significant increase in enquiries relating to director penalty notices (DPNs). The Accountants Daily also reported in early August that DPNs were being issued at a rate of 120/day.

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