Also needing finalisation were the company’s super affairs, including paying super guarantee amounts and charges, as well as end-of-year reporting, lodgements and other obligations if the company was part of a goods and services group, an income tax group, or a partner in a partnership.
The tax office warned that a failure to meet obligations before deregistration could leave company directors liable for debts that it would recover under the director penalty regime, including amounts owed from PAYG withholding, net GST (including luxury car tax and wine equalisation tax), and the super guarantee charge.
The ATO said once a company was deregistered it ceased to exist, which meant the office would stop paying refunds, interacting with the company, processing forms lodged after deregistration, and enabling reporting such as through STP.
The tax office said it would also cancel any tax forms received after deregistration, cancel the business’s ABN as well as all registrations such as PAYG withholding and GST, and any links the company had to registered intermediaries.
If the company was deregistered by ASIC those wanting to have the entity reinstated had to go back through the commission.
ASIC said this could involve requesting a firm’s reinstatement and meeting its criteria, or applying to a court for an order that ASIC reinstate the company.
The ATO said once a company had been reinstated by ASIC it would be treated as if it had never been deregistered and lodgements made by the directors would be processed.
However, any lodgements made during the period of deregistration would need to be relodged by the company after reinstatement.
Shared from Accountants Daily
