Notice to all Directors: From appointment date, a director has 30 days to decide to resign with no potential for exposure to adverse personal financial liability.  Furthermore,  all directors have an increased responsibility to ensure their companies meet Pay As You Go (PAYG) withholding, goods and services tax (GST) as well as superannuation obligations or risk being held personally liable for the amounts payable. 

The changes also aim to counter fraudulent phoenix activities, as directors are no longer able to discharge their obligations by simply putting the company into insolvency or liquidation.  For more information go to directors penalty regime – a guide for directors.