Personal exposure for directors is about to get even more personal
Over more than 30 years, the corporate veil has been progressively weakened, with increasing exposure for directors to personal liability for company debts.
Adding to the recent expansion of personal liability to your business’s superannuation guarantee and PAYG withholding liabilities, your business’s GST debt could also now become your debt.
Expecting those capital gains tax concessions upon exiting your business? Not so fast…
At Nexia, we enjoy working with business owners throughout their business lifecycle – start-up, growth, maturity, exit. We believe that business owners should be rewarded for what they do – taking on risk, creating employment and wealth. But we have on occasion seen a business owner not fully realise their just reward because certain matters didn’t get some attention along the way. They poured all those years of hard work into their business, only to see up to 47% of their reward disappear in tax. That’s a long way from a possible 0% disappearing, if only those matters had got a little attention in the years before.
This session will cover the following:
- When directors can be made personally liable for company debts
- Expansion of personal exposure to your business’s superannuation guarantee, PAYG withholding and GST liabilities
- What to do if you think you’re at risk of personal exposure being triggered
- What in your business now could disqualify you from generous tax concessions upon eventual sale, and what can be done about it
- For pre-1985 businesses, how the tax-exempt status can be lost
Please join us for an informative session that could make a big difference to you and your business.