As the director of a business it is extremely important to understand your obligations. About April 2020 (awaiting royal assent), the ATO will be able to issue a Directors Penalty Notice for:

i) Unpaid super;

ii) PAYG Withholding Amounts; and

iii) GST Obligations

This means as the director of a business that you can be held personally liable for any of the above obligations if unpaid.Therefore it is now more critical than ever to be on top of your cash flow and ATO Obligations.

Since the introduction of Single Touch Payroll (STP), the ATO can easily monitor any late PAYG and Super payments; in additional to late Business Activity Statements (BAS’s).

Townsville Accounting assists all their SME’s clients in ensuring that they are compliant. If you need assistance with compliance matters, contact our office today for an appointment.