The Australian Commonwealth Government announced the strengthening of tax laws to counter fraudulent phoenix activities in the 2011 Federal Budget. Under the proposed measures:
1. The director penalty regime will be extended to superannuation guarantee amounts;
The Australian Taxation Office has long had the ability to render company directors personally liable for tax debts through the Director Penalty Notice (DPN) regime. This regime has undergone some recent changes.
The major changes include:
A director has three options (previously four) to avoid personal liability. These are;
Look Out!
Updated ASIC statistics provide some industry specific data.
Based on external administration reports for 12 months to June 2010 look out for clients in the following industry sectors:
Top 6 Industry Failures
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