Published on 20 Sep 12
by VICTORIAN DIVISION, THE TAX INSTITUTE
This paper covers:
- tax and insolvency:
- What are the tax implications for companies who cannot meet their tax liabilities and their directors?
- ATO powers to collect tax related liabilities from the Company
- general collection powers:
- negotiating deferral or a payment plan in relation to a tax related deferrals
- offsetting refunds and credits against tax related liabilities
- enforcement measures for the collection of tax related liabilities by the ATO
- ATO powers to collect tax related liabilities from directors:
- changes to the obligations on directors under the Tax Laws Amendment (2012 Measures No 2) Act 2012
- Director penalty provisions
- PAYG withholding non compliance tax
- Director indemnities
- trading whilst insolvent.