1 Comments Family & de facto law, financial agreements, consent orders
With a DPN (see below), company directors are held personally liable for tax debts that the company should have paid. ... If you have received a statutory demand, you have 21 days to repay the debt before the ATO can commence proceedings in court to have your company wound up. A Director Penalty Notice (“DPN”) is a Notice that the Australian Tax Office (“ATO“) can send a director that can make that director personally liable for two types of tax debts of a company – Pay As You Go (“PAYG“) and Superannuation Guarantee Charge (“SGC“) liabilities. The definition of beneficiary, I know this sounds simple but it's important to note, is that you would benefit from any gains of the company. I have not found any information that says you are liable for the debts as well. As a director, he would be responsible only. Good luck!