Written by Condon Associates on 4 July 2011

A recent change to the taxation legislation has now seriously impacted the future liability stakes for company directors. 

In the past, the Australian Taxation Office received the ability in 1993 to make directors personally liable for certain tax debts after the directors have been made aware of their responsibilities and been given an opportunity to rectify the situation or at least take affirmative action.

This new legislation will have the capacity to make directors personally liable without any formal notification or warning.  The gloves are clearly off from the commissioners perspective and directors will need to tread very wisely if they intend to remain in control of their personal assets.

We are in the process of distributing an urgent News Brief that will have full details of the situation.
 

PLEASE NOTE: All information contained in the articles below was correct at time of publishing.