Can director personally liable to company tax?

Can director personally liable to company tax?

Can director personally liable to company tax?

Can director personally liable to company tax?

FAQ from our clients during this pandemic relates to this topic "Director's Personal Liability" under the Income Tax Act 1967 :

1. I don't have money to close company and submit tax return. Can I leave it there until I have enough money?

2. Will IRB go after me as a director of my company if I don't submit tax on my company?

3. I am a nominee director in this company only. Will IRB take action against me?

4. The outstanding tax arises prior to my appointment as director in 2020. Can I argue with IRB?

5. & more.

Stay tune for our upcoming recent tax cases on director's personal liability.

S75A of the Income Tax Act 1967

Any person who is a director of that company during the period in which the debt is liable to be paid by that company shall be jointly and severally liable for such tax or debt.

(a) where any tax is due and payable by a company, any person who is a director of that company during the period in which that tax is liable to be paid by that company or

(b) where any debt is due and payable from an employer under any rules made pursuant to section 107.

Director means any person who

(a) is occupying the position of director including any person who is concerned in the management of the company’s business and

(b) is either on his own or with one or more associates, the owner of, or able directly or or through the medium of other companies or by any other indirect means to control, not less than twenty per cent of the ordinary share capital of the company.

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