The Resource The payment of tax debt during bankruptcy proceedings

The payment of tax debt during bankruptcy proceedings

Label
The payment of tax debt during bankruptcy proceedings
Title
The payment of tax debt during bankruptcy proceedings
Creator
Subject
Language
eng
Summary
This article explores the issues surrounding corporate insolvency, the non-remittance of pay-as-you-go (PAYG) withholding tax, and the non-remittance of superannuation guarantee charges and civil liability of directors for it. The director penalty regime may ultimately result in bankruptcy proceedings against directors and this article considers the interaction of bankruptcy law with the director penalty regime. Directors of a company will most likely face civil litigation for an unpaid tax debt should the alternative ATO enforcement procedures not succeed. The Commissioner, in order to enforce the judgment debt, will ultimately commence bankruptcy proceedings in the Federal Circuit Court of Australia by way of creditor's petition and after an act of bankruptcy has occurred. This article emphasises, with the recent authority of Soong' s case, that it is vitally important for all directors to be vigilant to ensure that the company is meeting its tax obligations, and to take action if it appears that the company is having difficulty paying these amounts
Citation source
In: Taxation in Australia. - Sydney. - Vol. 48 (2014),
http://library.link/vocab/creatorName
Calokerinos, W
Language note
English
http://library.link/vocab/subjectName
  • bankruptcy
  • PAYG
  • withholding tax
  • director
  • penalties
Label
The payment of tax debt during bankruptcy proceedings
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Label
The payment of tax debt during bankruptcy proceedings
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