Level: Essential
CLE Units: 0

Speaker:
Denis Barlin of Thirteenth Floor Wentworth Chambers and
Michael Bennett of Seven Wentworth Chambers

Aims

Directors have many exposures, not least of which concern tax obligations of the company.

Whether it is a liquidator seeking to recover from the director or the Commissioner of Taxation making the director personally liable for various debts, a director may have to pay for company debts they wouldn’t think apply to them. They may also be guilty of a criminal offence for the inability of companies to meet certain obligations.

The severity of the sanctions that can apply and the tight timeframes for any action the director may take to provide protection against these actions makes knowledge of this area vital for any professional with clients holding office as a director.

In particular this paper deals with the following:

• An overview of the powers of the ATO;
• Directors and PAYG obligations;
• Directors’ Penalty Notices;
• Crimes Taxation Offences Act;
• Foreign Tax Debts; and
• Directors’ duties and NSW State Taxes.

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