Does your company have an overdue debt?

Letters are being sent by the ATO to directors of companies with overdue debts, cautioning that non-payment or lack of communication may lead to a director penalty notice (DPN) being issued.

The ATO are continuing to write letters to the directors of companies that have an overdue debt with them.

The letters advise that if a company hasn’t paid the amount owing or contacted us to make other arrangements, the tax office may issue a director penalty notice (DPN).

DPNs are issued to current directors and anyone who was a director at the time the company failed to pay. They make directors personally liable if a company has failed to meet their pay as you go withholding, goods and services tax and superannuation guarantee charge obligations.

If you receive a letter or your company has a debt with them, you need to arrange to pay the overdue amount or enter into a payment plan.

The ATO want to work with small businesses to help manage their tax debts. If you’re facing financial hardship or need more time to pay any overdue debts, contact them to discuss your situation.

Remember, registered tax agents like Paris Financial can help you with tax advice.


Source: ATO Newsroom

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