30 days to personal liability for company debt/obligations.The director penalty regime, including the changes effective 29 June 2012, has been well documented. Perhaps one area not as well understood is how the regime impacts new directors who were not appointed when the company’s outstanding PAYG and superannuation obligations were incurred. It is this area of the director penalty regime that some consider is most unfair. The director penalty regime as it affects new directors is set out below:
- New directors appointed to a company become personally liable for any historic unpaid PAYG and superannuation (superannuation only from the 30 June 2012 quarter) 30 days after they commence as a director;
- Where the statutory lodgements were made more than three months past the due date for lodgement; that personal liability permanently “locks-down” on the newly appointed director three months after they commence as a director (i.e. the penalty cannot be remitted upon receipt of a director penalty notice).