An expansion of the director penalty regime to include Goods and Services Tax (GST) liabilities will take effect from 1 April 2020 due to the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 being passed into legislation. As such, we have updated this article to include new information. You can access the updated article here.
If you have a tax debt that you are unable to pay in full, we recommend early engagement with the ATO to discuss your payment options. As your tax agent, Marsh & Partners are able to assist with this and negotiate a solution on your behalf.
If cash flow is a growing concern in your business, it may be time to speak to a business improvement specialist to help get your finances back on track. You can contact our cash flow experts on 07 3023 4800 or at firstname.lastname@example.org
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