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Why must directors address ATO debts quickly to avoid personal liability?

Why must directors address ATO debts quickly to avoid personal liability?

Tom highlights directors’ procrastination on ATO issues, citing cases where early engagement is ignored for 6-7 months, triggering Director Penalty Notices that impose personal liability for company tax debts, eliminating restructuring options like SBR.

Despite frustration, The Solvers avoids pressure, leaving decisions to directors who risk self-made irreversible consequences.

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Any or all of these reasons for business owners with a Pty Ltd company who:

  • have closed or are likely to close their business without any money left 
  • cannot afford $15,000 but want to place their company into liquidation  
  • want to do the right thing and inform their creditors properly about the business closing down 
  • want to draw a line in the sand so they can get on with their future.

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.

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