If you have received a director penalty notice (DPN), get on the front foot of your business with Mackay Goodwin.
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A Director Penalty Notice (DPN) is a legal document issued by the Australian Tax Office (ATO) to a director of a company. The purpose of the director penalty notice is to inform you (director/s) are now personally liable for the tax debts of your company.
If you’ve received a director penalty notice, together we will get you back on track. Speak to one of our expert insolvency practitioners today.
When your company owes funds to the ATO, it becomes a debt by the company. However, in certain situations the debt can become your (director/s) personal debt. This occurs when amounts of PAYG and Superannuation have accrued overtime, the ATO will issue a Director Penalty Notice (DPN).
If you have received a DPN, the sooner you act, the better the outcome. Get in contact with our experts so we can avoid you from becoming personally liable today.
A 21-Day Director Penalty Notice requires you to act within the 21-day period stated in the notice. This Director Penalty Notice also known as a Traditional Director Penalty Notice, is issued when the company’s tax debt has not been paid, but has been reported to the ATO within a three month period.
If you have received a 21-Day Director Penalty Notice, your options are to:
If none of the above is actioned, you can become personally liable for the company’s tax debt. Let’s work together to get on the front foot of your business, speak to our experts today.
A Lockdown Director Penalty Notice is issued by the ATO when the tax debt is not paid and has not been reported within three months of the due date. If you have received a Lockdown Director Penalty Notice, we advise to pay the company debt in full within the period stated on the notice to ensure you can avoid personal liability. Time is crucial once your receive a DPN, it is strongly encouraged to speak to an insolvency practitioner today.
Receiving a DPN can be daunting and incredibly stressful. We’re here to alleviate as much financial stress as possible.
Your possible options may include:
If you have received the Director Penalty Notice, it’s best to repay the debt in full. Our specialists can help you during this difficult process.
To minimise the impact of insolvency, we can set up a legal binding agreement between the company and its creditors to repay the debt.
Liquidation may sound scary, but it doesn’t need to. We will guide you through winding up the company’s affairs and alleviating your stress with our registered by ASIC liquidators.
Let’s get your company back on track by entering into administration. This enables your company to move forward back to profitability.
If you have received a Director Penalty Notice Warning Letter issued by the ATO, you have two options. You can either enter into a payment arrangement with the ATO, or appoint an administrator or liquidator. The ATO want to see you taking action to repay the debt.
If you appoint a liquidator or administrator, the ATO cannot pursue you personally for the debt. However, there are some debts that the ATO can personally pursue you for, one being sup
Yes, you will be able to become a director of another company even if the current company is liquidation.
At Mackay Goodwin, we have a nationwide team ready to assist you. Our team of qualified professionals, including ASIC registered liquidators are experts at finding solutions for people facing financial difficulties. Located across all major Australian cities, we’re ready to help you in any situation.
Edwin is a valuable member of the senior Mackay Goodwin team, with a huge amount of expertise and experience in running a range of different Deed of Company Arrangement proposals, for Administrations across a diverse range of industry sectors, and in all states across Australia.
Speak to one of our experts now for a free consultation. Enter your details below or call 02 8001 6520.