Be aware - ATO targets directors of companies not meeting their tax obligations

Additional funding for the Australian Tax Office’s (ATO) Tax Avoidance Taskforce means there will be a continued focus on compliance activities, and potential personal consequences for directors, as outlined by Phil Quinlan, Angelina Lagana and Ross Hocking.

The Federal Government announced funding of $652.6 million in the 2022 Federal Budget to extend the Tax Avoidance Taskforce through to 2024-25, which means that there is a continued focus by the ATO on conducting compliance activities. The ATO will also be keen to recover its collectable debt of approximately $38.5 billion as at June 2021, which represents an increase of $12.0 billion in collectable debt since June 2019. While the ATO has the same standing as any other unsecured creditor, it...

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Authors: Phil Quinlan, Angelina Lagana,

Published Date: 12 April 2022