We own a small business in qld, we are struggling financially,

Question

Answer 1

Solicitor: Brisbane-Lawyer, Solicitor - Admitted 2005 replied 13 years ago

Yes, it does.

From the sounds of it, the ATO is going after the company. If the director's gave a guarantee to cover the tax liabilities, then it does mean the ATO could come after the personal assets of the directors. So if your husband is a director, that's bad news - and means that it is possible the ATO will go after the car and house.

I realize that this answer may not be entirely to your liking, and I regret being the bearer of information that you really don’t want to hear. But it would be unfair to you and unprofessional of me if I were to provide you with anything less than truthful and honest information. As such, if my answer has been helpful or informative to you, even if it wasn't necessarily what you wanted to hear, please hit the Accept button.

Edited by Alex on 4/29/2010 at 5:47 AM EST

Answer 2

Solicitor: Brisbane-Lawyer, Solicitor - Admitted 2005 replied 13 years ago

Quote:

Is this still the case when taking into consideration that the personal asset of the director is actually mortgaged and owned by the bank?

Yes, that is still the case. As long as the house is in his name it will be the case.

Edited by Alex on 4/29/2010 at 11:29 PM EST

We own a small business in qld, we are struggling financially,

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