Directors’ Role in a Small/Medium Business – Part Four
Directors need to be aware of the specific areas of their responsibilities for which they can be personally liable. These responsibilities include:
- Insolvent trading.
- Australian Taxation Office payments for PAYG tax (deducted from employees’ salaries and wages) and superannuation payments.
- Workplace Health & Safety Code breaches.
- Environmental issues.
- Fair Work Australia regulations.
- Workers’ Compensation
Directors are also responsible for the implementation of proper controls relative to the performance of their duties relating to:
- Corporations Act
- State government Legislation for specific industries
- Declaration of interests before any matter is considered at a Board of Directors’ meeting that the director has an interest in directly or indirectly.
If you would like to have a discussion with us relative to director’s liabilities, please do not hesitate to contact us.
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