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DIRECTOR PENALTY NOTICES ARE CONFUSING!There are two types of DPN:

  • 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
  • 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

WHAT DOES "PERSONAL LIABILITY" MEAN?

  • If a company has a tax debt then it is just that – a debt due by the company and a director is not personally liable for that debt.
  • But if some of that debt is for staff PAYG deductions Superannuation then the ATO can make a director liable that 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.

WHAT IF YOU CAN’T AFFORD TO PAY FOR ADVICE?

Don’t worry! At Dissolve we provide free advice. Contact us and we will be happy to discuss your situation.

HOW DOES DISSOLVE PROVIDE THE ADVICE

  • At Dissolve, we specialise in providing fast, easy and professional advice to directors with companies facing financial difficulties. That can take 5 minutes or continue as long as you like.
  • We are happy to meet with you if you want, but there is usually no need.
  • You are dealing with a firm of highly experienced experts, with professional qualifications including Chartered Accountants, Registered Liquidators, Members of Australian Restructuring & Turnaround Association and Turnaround Management Association. Check Cliff Sanderson’s credentials here.
  • You are NOT dealing with unqualified "pre-insolvency advisors" (you may have read about them in the media).
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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.

Place the company into Voluntary Administration or Liquidation – but we want to make sure it is right for you

Organise a Payment Arrangement for the Company with the ATO – there are some tricks to this option so caution is needed

Restructure the company to save the business

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

  • 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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