Did you know that directors are legally liable for pay as you go withholding and super guarantee charge payments?
Most people don’t realise that they can potentially be held personally liable for the debts of their company during the time they’re directors – even if they’re silent directors, or later leave the company. It is therfore very important that directors know their responsibilities and obligations as a company director.
One of the primary reasons small and medium sized businesses seek out the assistance of an accountant is to help them establish their business structures as tax effectively as possible. Other business owners try and setup their affairs themselves, often with only anecdotal knowledge of the corporate and tax law frameworks within which they operate.
For example, increasingly entrepreneurs appear to be trying to secure the talent they need by offering income splitting...