SME directors ‘may be personally exposed’
The proposed extension of the director penalty regime to GST liabilities could spell the end of the corporate veil for SME directors, an insolvency specialist says, in a warning about personal liabilities for company debts.
With the reintroduction of Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 last month, the Commissioner could soon be allowed to collect estimates of anticipated GST liabilities and make company directors personally liable for their company’s GST liabilities.
Read more at MyBusiness.
