Company directors could be personally liable when coronavirus relief measures end.
As we know, the federal government has implemented a package of changesto Australian insolvency and bankruptcy laws to provide relief from the economic impacts of COVID-19.
The package included a temporary insolvent trading safe harbour, which provides company directors with temporary relief from the risk of personal liability for insolvent trading between March 25 and September 25, 2020, provided certain conditions are met.
We also know that the Australian Taxation Office has implemented a series of measures to assist taxpayers, including automatic lodgement deferralsandpayment deferrals on request. For example, the ATO previously announced an extens…
Read the full article at: https://www.smartcompany.com.au/coronavirus/directors-beware-you-may-be-left-exposed-when-government-covid-19-measures-end/