Benjamin Franklin said, “In this world nothing can be said to be certain, except death and taxes”.
It seems that tax reform is on the agenda for government at both State and Federal level. It is certainly something that is never far from the lips of people in business, whether big or small. It is trite to say that companies are often ‘tax collectors’, especially with respect to GST, PAYG and superannuation. What some Directors may not be acutely aware of though, is the significant personal liability that can attach to a failure to remit these collected monies to the Australian Taxation Office (ATO).