Received a Director Penalty Notice? Act now.

A 21-Day Director Penalty Notice requires you to act within the 21-day period stated in the notice. This Director Penalty Notice also known as a Traditional Director Penalty Notice, is issued when the company’s tax debt has not been paid, but has been reported to the ATO within a three month period.

If you have received a 21-Day Director Penalty Notice, your options are to:

• Repay the tax debt
• Appoint an administrator in full under the Corporations Acts
• Appoint a restructuring practitioner under the Corporations Act
• Begin to wind up the company’s affairs

If none of the above is actioned, you can become personally liable for the company’s tax debt. Let’s work together to get on the front foot of your business, speak to our experts today.

A Lockdown Director Penalty Notice is issued by the ATO when the tax debt is not paid and has not been reported within three months of the due date. If you have received a Lockdown Director Penalty Notice, we advise to pay the company debt in full within the period stated on the notice to ensure you can avoid personal liability. Time is crucial once your receive a DPN, it is strongly encouraged to speak to an insolvency practitioner today.