The Risks of Director Penalty Notices and Corporate Insolvencies for Tax Debts
Overview
How to prepare to help your clients manage and defend against these risks.
Tax debts are a special area of risk for all businesses, especially small business operators and private groups.
The ATO is the biggest creditor in Australia and has powerful tools like Director Penalty Notices and legislative protection for tax debts. As a result many businesses can face challenges in managing tax debts and hope to avoid the long arm of the ATO’s debt collection processes.
This session is intended to give tax practitioners, accountants, lawyers and insolvency practitioners an improved understanding of the legislative framework governing tax debts and the collection tools that the ATO has available to them, including looking at content and case studies covering the:
- problems with becoming subject to, or challenging, Director Penalty Notices for PAYG(W), Super Guarantee Charges or GST owed by a company of which your client may be a director
- presumed correctness of ATO Notices of Assessment – except where challenged through the Pt IVC of the Taxation Administration Act 1953
- problems that may result from trying to challenge ATO debt collection processes – even where there is a meritorious dispute on foot
- benefits of entering into payment arrangements with the ATO – noting the need to comply with the payments and stay current with lodgements
- limitations of other options for ATO debts like relief for serious hardship or compromise of tax debts
- risks of insolvent trading where tax debts are involved
- risks of clawbacks of related party ‘voidable transactions’
- risks of Division 7A shareholder or associate loans in insolvency
Learning Outcomes:
Participants will gain an improved understanding of:
- the framework for corporate tax debts
- how to manage the risks for shareholders, directors and their associates
- the tricks and traps, the technicalities and the tactics for ATO Director Penalty Notices
Suited to:
Accountants, tax practitioners, BAS agents, lawyers and insolvency practitioners serving small businesses, private groups and wealthy individuals.
This On Demand includes:
- a recording of the webinar Event which can be viewed multiple times
- a PDF of the presenter’s PowerPoint
- a verbatim Transcript
- any supporting documentation
- a CPD Certificate after successful completion of the Knowledge Quiz
Course syllabus
3 lessons
- Video – The Risks of Director Penalty Notices and Corporate Insolvencies for Tax DebtsVideo
- FeedbackSurvey
- Knowledge TestTest
Your presenter
Bruce CollinsTax Controversy Partners
, Tax Controversy Partners Pty Limited, Principal Solicitor.
Bruce is the founder and principal solicitor at Tax Controversy Partners Pty Limited, currently helping clients to resolve all types of tax issues issues with the ATO and SROs. Before moving into private practice in 2017, Bruce worked for over 35 years in the Tax Office, a third of this time as a Senior Executive in what is now Client Engagement Group, covering most ATO functions. Bruce was the leader of the Technical & Case Leadership area in Private Wealth for several years prior to leaving the ATO, as well as having previously been the strategic leader of the ATO’s Professional Firms project until 2015.
Bruce has an Accounting Certificate (1989), a First-Class Honours Degree in Law (1995), a Graduate Diploma in Legal Practice (1996), a Masters of Taxation (2003) and a Masters of International Taxation (2006). Bruce is a Chartered Tax Advisor with the Tax Institute, a member of the Law Society of NSW and is both a member of the Law Council of Australia and current Chair of their SME Committee.