ATO debts: DPNs, SBRs and company director's personal liabilities | Olga Koskie & Liam Bailey

Описание: Tax Assure's Olga Koskie recently had an in-depth discussion with Liam Bailey from O'Brien & Palmer about ATO tax debt, insolvency and other issues related to taxation and corporate obligations.
Olga's perspective as a tax debt negotiator & Liam's as an insolvency specialist shines some light on how a DPN works when issued by the ATO - included how much time company directors have to get compliant before personal action is implemented, how Small Business Restructures do not suit some sub-one million dollar debts, and how the ATO views the difference between core debt and interest & penalties.
Liam & Olga give several examples during the discussion that help to put different ATO debts in context.

Reach out to us for an obligation free chat about approaches to resolve your tax debt.
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Drop us a line at:
[email protected]
ph. 1300 952 295
www.taxassure.com.au
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Find out more about O'Brien Palmer:
https://obp.com.au/
Phone: (61) 2 9232 3322
Email: [email protected]
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#SBR #ATOdebt #DPN

Disclaimer: The information provided in this video is for general informational purposes only and does not constitute professional advice. While we make every effort to ensure the accuracy and relevance of the content, it should not be relied upon as a substitute for consultation with qualified professionals, including legal, financial, or tax advisors. Each business situation is unique, and we recommend seeking tailored advice that considers your specific circumstances before making any decisions regarding tax debts, insolvency, or related matters. Tax Assure and its guests disclaim any liability for actions taken or not taken based on the content of this video.

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00:00 - Introduction to Liam Bailey & O'Brien Palmer
00:34 - DPNs - What are director penalty notices?
02:05 - Lockdown vs non-lockdown director penalty notices
02:44 - How do Director Penalty Notices function?
04:15 - WHen does personal liability kick-in with DPNs?
04:52 - The ATO can notify about DPNs after insolvency appointments
05:20 - Tax Assure sees many company directors who do not understand personal ATO obligations
08:56 - The ATO's legislative powers
11:40 - Company tax liabilities vs Personal tax liabilities in insolvencies
13:45 - When a payment plan is established the ATO will pause recovery actions
14:13 - Determining the right tax or insolvency approach is critical
15:15 - Alternate approaches to reducing ATO debt
15:50 - Client Case : Client with $900k tax debt did not qualify for an SBR
16:49 - Tax debt and interest are viewed as one and the same by the ATO
19:00 - Garnishee notices can be lodged if debtors don't pay the ATO
20:46 - What to do if you have only 10 days remaining on a DPN deadline
22:35 - Eat the Frog! = Don't put off the scary tasks. Engage with the ATO
25:10 - Liam Bailey's tip for dealing with the ATO - Use experts!