The Australian Taxation Office is becoming increasingly aggressive and is using its powers to seek recovery of outstanding amounts for GST and PAYG.
Learn about the interaction of the Tax and Corporations Legislation when it comes to insolvent companies. For example, did you know that directors provide a statutory indemnity to the Tax Commissioner if they come to an arrangement to meet their tax arrears and the arrangement fails?
This session highlighted the many significant and financially critical relationships between the Deputy Commissioner of Taxation and the insolvency practitioner so that you as business advisers will now how to respond to and deal with the ATO if a client falls into a default position with the ATO.
The session covered:
- Director Penalty Notices; what they mean, what timetables must be complied with and the impact of those
- Superannuation Guarantee Charge - The costs of the charge and the priority ranking of the claim
- unfair preferences - the ATO and how it deals with liquidator's preference claims
- Directors' double jeopardy.