Personal Liability for Company Tax Debts Draft Legislation – Director Penalty Notices - What you don't know can hurt you!

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The Treasury has released draft legislation dealing with changes to the director penalty notice rules announced in the 2011/2012 Federal Budget.

Much of the government's publicity around the proposed changes has focused on fraudulent phoenix activity. The draft legislation, however, has relatively little to say about phoenix companies and a whole lot of detail about how the Australian Taxation Office (ATO) will have even greater powers to attack directors personally for company tax debts.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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