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I received a Director Penalty Notice for unpaid company debt.
What are my next steps?
A DPN means you can be held personally liable for your company's tax debts. This means your personal assets, including your house, car and savings could be in jeopardy
If you do not act within the specified timeframes, the ATO may garnish funds from your personal bank account, offset your personal tax refunds, or commence legal recovery proceedings against you, which may ultimately result in personal bankruptcy.
The sooner you seek qualified advice, the better your chance of avoiding personal liability and protecting your private assets.
Could you be held personally liable for your company’s tax debt?
Director Penalty Notice assessment tool
By completing this assessment, you will gain insight into your potential personal liability for your company's tax debts and receive clear guidance on the necessary next steps.
Defences to a Director Penalty Notice
A DPN can have serious effects, but there are ways to defend against it. It’s important to be proactive and explore your options early. Speak to your trusted advisers, including your Accountant.
A strong defence against a Director Penalty Notice includes a few important steps:
Discuss and understand
Have a no cost, confidential meeting with one of our experienced DPN specialists to discuss your situation.
Tailored DPN solutions
We will assess your situation and help you develop the best possible strategy for resolving your DPN.
Implement and support
Supported and empowered by RSM, you can face the future with confidence as you implement the solution.
Contact us for a no-obligation consultation
Contact us for a no-obligation consultation
The Director Penalty Regime is a mechanism used by the Australian Taxation Office (ATO) to hold company directors personally liable for certain tax debts of the company. It is crucial for directors to understand their liabilities and available defences when faced with a Director Penalty Notice. Seeking expert advice promptly is key to protecting personal assets and navigating this complex area of tax law effectively. For more information, speak to your local RSM adviser.
The liability under a Director Penalty Notice is enforced by the Australian Taxation Office (ATO) through various means, including legal actions such as garnishee notices, director penalty notices (DPN), and even potential liquidation of the company. It is essential for directors to seek expert advice and understand their rights and options to effectively defend against these enforcement actions. Our team at RSM can provide you with the necessary support and guidance to navigate through this challenging situation. Contact us today to learn more about defending against Director Penalty Notices and safeguarding your personal assets.
Take care of your mental well-being.
Dealing with financial difficulties can be overwhelming and personally challenging. It’s not an easy journey.
Prioritising your mental health is essential to navigate through these tough times and come out stronger.
Don't hesitate to seek support when needed.
Consult your doctor or contact the following organizations if you require immediate assistance.
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