If your company is experiencing problems with tax there may be options available for you. However, it is important that you act fast before the directors become personally liable for the debt.
 
In certain circumstances the Australian Taxation Office (ATO) has the ability to issue a notice that can see a director become personally liable for a company debt (taxation debt). This is called a penalty notice, if you have received such a notice you have the following options:

• Pay the debt.
• Enter into installment arrangements to pay the debt.
• Place the company into voluntary administration.
• Liquidate the company.

If a director chooses to do nothing about this notice then they may be at risk of personal action. However there are options available in this situation.
To find out more about overcoming tax debts click here.