Director’s Penalty Notices? Unpaid SGT, PAYG and Super? ATO negotiations and tax debt funding? If you’re facing any of these, or any other business tax debt issues, we can help.
We’re expert advisors for small to medium business providing debt protection advice and support as part of our business tax debt advice.
A director of a company must make sure the company meets its Pay As You Go tax (PAYG) and Superannuation Guarantee Charge (SGC) obligations. If your company does not meet these payments in full by the due date you will become personally liable for director penalties for the unpaid amount.
A Directors Penalty Notice is a notice from the Australian Tax Office (ATO) that can make you, as the director of a company, personally liable for the tax debts of that company.
A DPN typically gives you 21 days to take action to avoid personal liability. A ‘Lockdown DPN’ means there is no escaping liability once the DPN is served on the director. If you don’t have the correct details recorded with the ASIC, you can’t claim the DPN was sent to the wrong address.
Keeping on top of your SGT and PAYG obligations is critical. If however you are having trouble, you need to get good advice quickly.
If you do get a DPN, watch out for all the phone calls and letters from people who try and sell you easy ways out (DPNs are public notices).
Hiding cash (maybe under your mattress) or hiding you head in the sand are both bad ways to deal with the tax office. Like many things in life, dealing with a business tax debt is best solved by addressing the issue early.
Up-to-date and prompt lodgement plus working with a trustworthy adviser may help you negotiate a repayment arrangement with the ATO.
There are no guarantees, but you should talk to a Solver about getting a dialogue going, sooner rather than later.
If you have not been paid your super, or the employer has not paid your entitlements, you may be able to access the Fair Entitlements Guarantee (FEG).
If you are in a spot of bother, or in a dispute, be very careful if someone tells you about how to hide assets from creditors the ‘legal way’.
Creditors, liquidators and the regulator will defeat sham deals. Talk restructuring or debt negotiation with one of our business tax debt advice team
If you are thinking about how to protect personal assets from business creditors, ask yourself how good a job have you done keeping your private family wealth away from risk?
Director’s Guarantees can be hard to avoid, but be very careful, some quite minor trade contracts can hold you personally liable for debts.
If you are unsure, or are at real risk, you need business asset protection advice about how you’re exposed to that risk, and what steps you need to take to help protect your family home and assets.
You need to be careful when looking to get a loan to pay an exiting debt. Still, you may be able to get some cash flow finance or funding to cover a shortfall caused by tax obligations you can’t meet right now.
Clearly you should get some trustworthy advise talk to a broker from thesolvers.com.au about what options you have and what terms.
If your needs are more specific, we’re here to help. If you’re not sure, if there’s more than one issue you’d like to discuss, or if you need help right away, contact us now – it’s likely we’ve dealt with the problem before.
Any or all of these reasons for business owners with a Pty Ltd company who:
If you have personal assets you want to protect, like a family home or director’s guarantees, this may not be for you, but you should ask us.
