As a director, you must ensure your company complies with certain tax and super obligations – failure to do so, will result in your personal liability.
The ASIC is currently taking steps to combat illegal phoenix activity. The ASIC has advised “illegal phoenix activity is a serious crime and may result in company officers (directors and secretaries) being imprisoned.
The ATO has actively issued Garnishee Notices recently. If you owe the ATO a debt which is not on an arrangement, act fast to avoid an empty bank account.