Is the ATO going to chase me personally for the company’s debt?

  • December 13th, 2015
  • David Hill

ATO debt is split into 4 main general areas –

  1. GST
  2. Income Tax
  3. PAYG
  4. Superannuation.

The first two attract no personal liability whilst the last two may expose Directors for personal liability.

  1. GST and Income tax are company debts and at no stage are they ever a Director’s personal liability. If you have this type of debt and place a company into Liquidation, you are not directly personally liable for these specific debts.
  2. PAYG and Superannuation is a little more complicated. It all comes down to whether you lodged your BAS and superannuation lodgement returns on time, and if you have received a Director Penalty Notice. If you have not lodged BAS and superannuation lodgement returns, or have lodged these late, or received a DPN – call us straight away, and we can advise the options available.

There are a number of solutions to working through this – so that NO – the ATO will not take your house, but you need to get advice NOW.

The best way to sort through insolvency issues to get on the front foot immediately – as once legal action starts, it is very difficult to slow it down or stop it.

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Regardless of what you’re currently facing, the first step is to discuss your situation with a qualified expert today, so you can make the right decisions moving forward. But don’t delay. The faster you act on your own behalf and take charge of the situation, the better your outcome could be. It’s FREE to talk with us, so why wait?

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