Superannuation changes to Director Penalty Notices took effect 1 April 2019.
The Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 received Royal Assent on 1 March 2019.
This Bill amends the reporting timeframes for superannuation regarding whether a Director Penalty Notice (“DPN”) is either lockdown or non-lockdown.
Directors of a company can be held personally liable for the PAYGW and Superannuation amounts payable by a company if the amounts are not reported within 3 months of their due date.
A DPN may take the form of a Lockdown DPN or Non-Lockdown DPN. Under a Non-Lockdown DPN, remission options given to directors include: – Paying the debt; – Appointing a Voluntary Administrator; or – Placing the company into Liquidation under a Creditors Voluntary Liquidation.
A Lockdown DPN will not provide the Non-Lockdown remission options above and the amount becomes a debt due by both the company and its directors.
As a Director, should you need more information regarding this change, please do not hesitate to contact us on +61 7 3121 3366 or at enquiries@i3australia.com