As a director you could be held personally liable for failure to
report and pay your GST and other tax debts on-time.
Recent changes to the ATO's Director Penalty Notice (DPN)
regime, now allows the ATO to serve directors with 21 day's
notice to either:
- pay their company's outstanding GST liabilities
- or place their company into voluntary administration or
liquidation.
Failure to take one of these steps would result in the director
being personally liable for the liabilities set out in the DPN.
Most importantly Directors who fail to report GST liabilities to
the ATO within 3 months of their due dates will not be able to
place their company into voluntary administration or liquidation to
escape personal liability.
