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.
Recently I accepted the task of investigating a significant Phoenix company operation and thought it worthwhile to warn my fellow colleagues to advise their clients to be on the look out for unscrupulous operators.
I highly recommend this excellent summary video from John Price at ASIC.
For more information on Phoenix companies click here.