News – ATO Crackdown on Unpaid Super – Enforcing Laws that Directors become Personally Liable from July 2012

News – ATO Crackdown on Unpaid Super – Enforcing Laws that Directors become Personally Liable from July 2012

ATO Crackdown on Unpaid Super – Enforcing Laws that Directors become Personally Liable from July 2012

Come October 9, many SME directors will get a nasty surprise in the mail. That’s the day the Australian Tax Office has said it’ll begin to send out the first notices about unpaid superannuation obligations, which from July 2012 have made company directors personally liable for any unpaid superannuation owed to their current or former employees. The notices, which are similar to those currently sent out for outstanding Pay As You Go tax, are the first time the ATO will begin enforcing the new laws. For much of the past year, the ATO’s approach has been to educate rather than enforce, Ashley King, Deloitte’s tax controversy lead partner tells SmartCompany. … “They’ve certainly been getting ready for this letter campaign for the past few months.”

SME directors are far more likely to be targeted than their counterparts at larger companies.

“SMEs have peaks and troughs with cashflow,” King says. “That means this is more of an issue for smaller businesses.

“The only way a large business would get into trouble with this is if they’re really up against the wall.”

As reported by Myriam Robin, SmartCompany READ MORE HERE

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