Tax and treasury officials have said new laws that will make directors liable for unpaid tax and superannuation immediately, rather than with 21 days notice, will stop companies from being able to enter liquidation in order to escape liability.
Insolvency expert Cliff Sanderson, who runs the liquidation firm Dissolve, says the laws will mark a massive shift in the industry.
"I would say about four out of five tax returns I see would be more than three months late," he says, warning business owners to do their tax or risk facing the consequences once the bill becomes law.
