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Strategies to handle scam phone calls and problem e-mails.
Instant asset write-off threshold upped to $25k
Jail time for GST fraud
Correcting GST Errors
Fuel tax credit rates raised
ATO set to contact clients for overdue TPAR
Reminder on Victoria Property Duties
How Australia is performing.
Global outlook summary: Down but not out
Bookkeepers remind on incoming TPRS obligations
Golden Rules for Deductions
How's Australia going - vital statistics?
Tax, SMEs set to be ‘political football’ in 2019 as election nears
Cap lifted on popular financing option for clients
Expiry of 900,000 interest-only loans set for January
Australian Taxation Office (ATO) Scam Alert: Fake Demands for Tax Payments
Tax Office sounds alarm on popular property strategy
Our Advent calendar for 2018
‘Please do not panic’: ATO boss addresses STP concerns
Stop!! Don't do a paper Budget, use our online budgeting tools instead.
Employee Christmas Parties and Gifts – Any FBT?
Behavioural Coaching and your financial plans
FBT – Christmas Parties and Taxi Fares
Information needed to be the BBQ expert.
Tax consequences of trust vesting
Fringe Benefits Tax (FBT): employees’ private use of vehicles
ATO to contact clients over bank details
ATO claws back $850m in unpaid SG in FY 17-18
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Articles
Liberal Party policies and discussion papers
Some terms defined
Flood Insurance - no changes
Pensioners Tax Returns 2013?
Donations - 2013
ATO - Tougher Conditions and Personal Liability
SMSFs: Where the ATO is Looking
A matter of knowledge
Tax Time Checklist 2013 - Individual
Tax Time Checklist 2013 - Company, Trust or Partnership
Tax Time Checklist 2013 - Superannuation Fund
Year End Reminders
Individual Income Tax Changes
Superannuation Guarantee Changes
Obscure disadvantage of family trusts.
Self-managed Superannuation Funds - New Obligations
ATO - Tougher Conditions and Personal Liability

 

Directors of SME’s need to continue to be vigilant in meeting obligations for employees PAYG and superannuation, as economic conditions worsen.


 

 
 
 
     


 

 

And there is no doubt credit will be tighter and the Australian Taxation Office will be taking stronger debt recovery action.  The Australian Taxation Report Annual Report released in March 2013 shows collectible debt has grown to $16.6billion – and this would nearly clear 2014 Federal Budget deficit if it were that simple!

Whilst there may be reluctance to tell the tax office of a PAYG obligation, because of an inability to pay, that action can trigger automatic personal liability.

If the obligations are advised to the Australian Taxation Office on time (by Business Activity Statement lodgements), there is a small window of opportunity for deflecting the personal liability.  Before the Australian Taxation Office can make a director personally liable for the company’s debts, they are required to issue a Director Penalty Notice, giving the director 21 days, but only if the returns have all been lodged on time.

It is often that the 21 days is much less than that, because of delays in the mail, etc.

Advisers can help and specialists in insolvency can also assist, but not if the directors are slow in responding or have failed to lodge returns on time.




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