Director liability for Company’s non Compliance – Employee Obligations
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All employers have certain obligations to fulfill in relation to employee wages and in particular an employee’s taxation and superannuation liabilities.
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Director Liability For Company’s Non-Compliance
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This means that where an employer is a company, and the company fails to comply with their obligations under the PAYG system, or under the SCG provisions, a company director can be held personally liable for the amount that the company should have paid.
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A salary sacrifice scheme allows an employee to give up some of their salary in exchange for a non-cash benefit from their employer. This can reduce tax and national insurance contributions for both employee and employer. Historically, salary sacrifice mainly referred to reducing salary in exchange for increased pension contributions, but now it can apply to any non-cash benefit. Employers must follow HMRC guidance to ensure schemes comply with minimum wage, statutory payment eligibility, minimum participation periods, and pay statement requirements. Salary sacrifice is becoming more common as a way for employers to offset costs of auto-enrollment pension schemes.
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Director liability for Company’s non Compliance – Employee Obligations
- 2. Director liability for company’s non-compliance – employee obligations
- 4. All employers have certain obligations to fulfill in relation to employee wages and in particular an employee’s taxation and superannuation liabilities. Employers would know that they are required to withhold money from wages under t
- 5. the pay as you go (PAYG) system under the Income Tax Assessment Act 1997, but also that they must pay a superannuation guarantee charge (SGC) on behalf of an employee, under theSuperannuation Guarantee (Administration) Act 1992.
- 6. This means that where an employer is a company, and the company fails to comply with their obligations under the PAYG system, or under the SCG provisions, a company director can be held personally liable for the amount that the company should have paid.
- 7. In certain circumstances, the ATO can force directors of a company that are unwilling or unable to meet their obligations, to personally pay those debts. This is achieved with the issue of a director penalty notice for an amount equal to these amounts.
- 8. If you are seeking advice about an employer’s obligations to employees, or directors’ liabilities for non-compliance of obligations to employees, please contact our office and speak with one of our experienced practitioners.
- 9. For more details Visit us @ http://www.bambricklegal.com.au/ Or Call us Today! (08)8362 5269