Reminders On Tax Obligations To Employees

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Running Time: 8:20

Date: 01/02/2013

Make sure you meet your employee tax obligations: failure to do so can be very costly!

Recent changes to taxation law have made directors personally liable if businesses fail to remit or report employees' PAYG withholding instalments or super guarantee contributions within 3 months. Tax expert Michael Jones, of Cummings Flavel McCormack, says that - after that time - it's too late too put the company into administration or start to wind it up. Directors will be hit with penalty notices and still be liable for the shortfall in payments. New directors have 30 days to take action if they discover a problem or they too can be liable - resignation is not a way out! Michael also urges small family businesses to consider having only one director - two are not required any more, and it's a way to reduce potential liability.