The director penalty regime allows the Commissioner of Taxation to make directors of a company personally liable for specified taxation liabilities of the companies they represent through the issue of a Director Penalty Notice (DPN). Previously, the regime was limited to PAYG withholding and superannuation guarantee charge liabilities, but it has now been extended to include GST, wine equalisation tax (WET) and luxury car tax (LCT).
The expanded regime will commence from 1 April 2020, being the start of the first quarter after royal assent.
If you need any help with your business tax obligations, give our team at SPS Business Consultants a call on ☎️ (03) 9904 9261