ATO Tax Debts

Why be concerned about a debt with the ATO?

The Australian tax laws were overhauled in 2012. The new laws mean that if any of your company’s BAS have not been lodged within 3 months of their due dates then the company director will become personally liable for the unpaid PAYG tax withheld as well as any unpaid superannuation contributions.

Accordingly, company directors now have a real incentive to make sure that company BAS returns are lodged on time with the ATO. If the BAS is lodged on time (or within 3 months of the due date), but the amounts due have not been paid, then the company director can still avoid personally liability by appointing a liquidator or appointing an administrator within 21 days of receiving a ATO penalty notice.

The only good news with these new laws is that they do not extend to unremitted GST, so a company director cannot become personally liable for unremitted GST.

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