Tax update
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  Good news from the tax department on business activity debts - plus a timely warning for company directors. Some good news from the Australian Taxation Office for businesses facing business activity statement debts (GST or PAYG). Michael Jones of Cummings Flavel McCormack says the ATO will consider a 12-month interest-free arrangement. But a warning too, in another area of business activity. Michael Jones points out that directors can be personally liable if a business fails to pass on to the Tax Office employees' withholding tax. New directors may also be liable for payments not made before they joined the board. It's important that specific steps are taken to avoid the penalties.Topics: Accounting & Tax, Financial Management, Management |
 Michael Jones, Cummings Flavel McCormack |