The direct cost of illegal phoenix activity was estimated to cost between $2.85 billion to $5.13 billion for the period from 1 July 2015 to 30 June 2016.
Plutus Payroll Australia managed to misappropriate approximately $167 million in PAYG tax owed to the ATO. With these funds they lived a lavish lifestyle, buying expensive houses, fast cars and travelling to exotic places. Single Touch Payroll reduces the chances of this type of fraud happening.
Have you got a personal tax debt you are struggling to pay? This might include a debt for income tax or a debt under a Director Penalty Notice.
If you do, you need to be aware that the ATO can issue a Garnishee Notice to your employer to recover the debt.
Director Penalty Notices (DPNs) are just one of the broad range of powers available to the Australian Taxation Office to pursue delinquent debtors.
Submitting outstanding ATO lodgements in the belief that it will reduce exposure for your business may have the reverse effect. Find out what you can do here..
If you or your company can’t pay its tax debt its important you negotiate a payment arrangement with the ATO to avoid recovery action over your tax debt.
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 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.