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There are Two Types of DPN
Director Penalty Notices are confusing!
Director Penalty Notices
A “DPN” may give you 21 days to take specific actions – do nothing and you are personally liable for some of the tax debt of the company.
So what? A director will need to take action to save the business of the company and to avoid personal liability
Lockdown DPN
There is a “lockdown DPN” which means you are already personally liable for some of the tax debt of the company
So what? A director needs to take action to save the business and ensure no further personal liability
So, what does
“Personal Liability” mean?
If a company has a tax debt then it is just that – a debt due by the company and not the director’s personal debt. But if some of that debt is for staff PAYG deductions or Superannuation then the ATO can make those amounts the director’s personal debt.
The ATO makes a director liable by simply sending a Notice by mail – no Court action or Lawyers are required!
Does that mean your house is potentially on the line – yes!
That sounds bad!! Are there solutions?
Absolutely! There are a number of actions that can be taken to either avoid the personal liability or reduce its impact.
But the opposite is also true – if you do nothing then you will become personally liable for the tax debt.
Dissolve Provides Free Advice
How does Dissolve provide the advice
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Our Solutions
What sort of solutions are there?
At Dissolve we are experienced in providing a range of solutions. We’ve listed a few below.
But there are a whole range of possibilities.
Voluntary Administration
Saving your company and
avoiding personal
liability through a Voluntary
Administration.
Payment
Organise a Payment Arrangement
for the Company with the ATO –
there are some tricks to
this option so caution is needed
Restructuring
Restructure the company
which could involve using “Safe
Harbour” legislation or
implementing asset protection
strategies.
Still confused?
Yes that’s understandable. It’s a complicated area. In fact, we’d say you are unlikely to be able to understand all of the issues yourself. You will need advice from an insolvency expert.
Why Choose Us?
Expert advice from experienced liquidators
At Dissolve, we specialise in providing advice to small and medium size companies and directors of those companies.
Over each of the last 8 years we have provided advice to over 300 directors – we have the experience and industry knowledge to know the best way forward.
In around 50% of calls we receive from directors, we are able to provide free advice over the phone that gives the director a specific way forward – that is we are not there to sell our services – we provide genuine advice for the situation.
If we do recommend you use our services we will be clear on what that will cost you – in most cases we’ll provide a specific fixed quote so you know what it will cost, what we will do for you and what will be the potential savings to a director and their company.
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