Posts Tagged ‘Director Penalty Notice’

How to Manage a Director Penalty Notice from the Australian Taxation Office

If you’ve received a director penalty notice from the ATO, you need to know why the notice has been issued, and exactly what you can do about it. Many company directors react negatively to this notice, and don’t quite understand the issues involved. This is strictly a taxation issue, and there are multiple possibilities for both representation and dealing with the problems.

The basics of a director penalty notice

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Dealing With Australian Corporate Regulators And Company Tax- Things You Need To Know

If you have a company incorporated in Australia, you’ll be interested to learn that you’ve actually got the regulators on your side. General regulatory policy for ASIC and the ATO is actually to be as supportive as possible in the framework of their legislation.

If someone’s issued with a director penalty notice for outstanding company taxes, the ATO will advise regarding options available. If you’re having an issue with ASIC regulations, you can ask ASIC to explain the situation and for assistance in dealing with their requirements.

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The Risks of Business

Owning your own business is a very exciting step to take in life, with a lot of rewards along the way. However there are also many risks that come with owning a business, or even with running someone else’s business from the top position.

Of course, the obvious risks that come to mind are generally financial, such as going into liquidation or bankruptcy. Some of these financial problems can even become a personal problem, for example if you are served with a Director Penalty Notice.

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