Do you know that director is personally liable for Good and Service Debt, PAYG debt and superannuation guarantee debt. This means that in a company structure, normally there is a corporate veil, meaning the company debt is only need to be repaid through company asset, unless the director is trading while insolvent, or breach certain obligations as director as set by the corporation act. What are Director Penalties?
In the legislations from ATO, this means that even if the director is doing everything correctly, the mere fact that those debts are from the Good and Services Tax Debt, Superannuation Guarantee Debt and PAYG debt, this would mean that the director would be personally liable for the debt.
Furthermore, it all depend whether you as a director had lodged the superannuation guarantee charge statement or the PAYG within 3 months from due date, if you have, then you might be still personally liable, but if you cant afford to pay it, you might seek help from administrator or liquidation, but if you did not lodge on time, then those debt will stay with the director on a personal level.
If you have ATO debt, and is unable to pay for it, please give EndureGo Tax a call, or write them an email to hello@endurego.com, as a leading ATO tax debt specialist negotiator we are here to help, we had helped many clients to negotiate a good payment term with ATO, and on occasion, where the director is really unable to repay, we would work with the liquidator to work out a feasible solution for the director to see ways to exit the debt without going down the path of bankrupcy, please talk to us now.
