Tax Obligations
Late Lodgements, Tax Debt, Director Liability & Tax Audit
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Any tax debt can be managed. It is far more important to be complaint – lodged up to date and on time. Late lodgement creates an unnecessary exposure to tax debts.
A director of a limited liability company, or trust structure, will become exposed to personal liability for business tax debts if compliances are lodged late.
Up to date and on-time lodgements are the best defence against unnecessary tax audit. The ATO will target non-compliant lodgers as the first point to get a result on outstanding or unpaid taxes.
We regularly work with clients who come to our practice with multiple years of unlodged BAS and tax returns. We are very successful in working directly with the ATO to bring lodgements up to date with minimal penalties or interest and revert then them to model taxpayers. A good result for the client and the ATO always results.
