Director Penalty Notice

Have You Been Served a Director Penalty Notice Near the Gold Coast?

If your Gold Coast business has received a director penalty notice (DPN) from the Australian Tax Office (ATO), the liquidators at Menzies Advisory can help. Learn about how we can help you liquidate your company assets without hurting the interests of your employees, shareholders or creditors.

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MICHAEL CASPANEY

Principal - Registered & Official Liquidator

michael@menziesadvisory.com.au

“Leadership and learning are indispensable to each other” – JFK

Michael Caspaney is a Registered Liquidator, Official Liquidator and a Certified Practising Accountant. His extensive experience working as an accountant for over 40 years, combined with his passion and empathy for people involved in insolvency situations, propelled him to become a Registered and Official Liquidator in the minimum time required by the Australian Securities and Investments Commission (ASIC).

A member of the Australian Taxation Office (ATO) Small Business Fix It Squad for the Building and Construction Industry, Michael worked alongside small business owners, ATO specialist staff, government agency staff and another Registered Liquidator as part of a squad intended to recognise early signs of business failure and take action to minimise the impact.

In this role, Michael attended workshops that offered direction and advice to those in the industry.

Michael's extensive commercial experience has enabled him to win respect and support of some of the industry's most esteemed stakeholders. Michael works with the best professionals in Australia to enable a thorough and professional approach to all situations presented by his clients.

The basics of a director penalty notice

Although you should contact a registered liquidator as soon as you’ve determined that your business is insolvent and that you will be unable to pay off its debts, not everyone does so and even those who do may fail to keep up with their ATO Payment Plan. When this happens, the ATO will issue a DPN. This DPN signals that the director of the company may become personally liable for the company’s debts.

A DPN primarily addresses the issue of unpaid tax debt. As of 2012, the ATO can issue one of two types of DPN: the 21-day DPN or the lockdown DPN.

Twenty-one–day director penalty notice

As suggested by its name, this DPN gives you 21 days to act on your company’s debt before the ATO declares it your personal debt. Your primary options are to pay the debt upfront or to create a payment plan with the ATO. If neither option is feasible, you must put your company into liquidation or voluntary administration to avoid the consequences of a DPN. Our registered liquidators will help you determine what route is best.

Lockdown director penalty notice

You do not want to be served with a lockdown DPN, as it leaves you with no way to avoid the penalties associated with it. However, your options to deal with it are the same as they are with a 21-day DPN.

If you are concerned that you may be served with a DPN or you have already been served with one, contact us immediately. Our experts will help you navigate this complicated process.