“Keep your GST lodgements and payments up-to-date”
by Conrad Gaudin, General Manager Busy Bookkeeping Eastern Suburbs
Recently the Government passed legislation which may make company directors personally liable for any unpaid/overdue GST of their business.
This adds to the ATO already having the authority to issue Director Penalty Notices (DPN) to pursue directors personally for unpaid and reported/unreported Superannuation Guarantee Charges (SGC) and Pay as You Go (PAYG) liabilities.
As the Government seeks to maintain its budget surplus, it is highly likely we will soon see an increasing amount of Director Penalty Notices (DPN) being issued by the Australian Taxation Office (ATO).
The take-home message is to keep your GST lodgements and payments up-to-date, moving forward.
The new law applies to quarters commencing 1 April 2020, and is not retrospective.
It is important that directors start taking steps now to ensure that their tax, superannuation and GST obligations of their companies are in order and stay that way. Don’t get caught out!
If you would like to discuss plans to ensure your obligations stay in order – please don’t hesitate to call me on 0404 748 172 or e: email@example.com