Are you the director of a company?
As a company director, there are certain responsibilities and obligations you need to be aware of.
To help you better understand your responsibilities, The Australian Securities and Investments Commission's (ASIC) has put together a guide.
ASIC's guide for small business directors
Whether you're a silent director, new to the role or have been a director for years, ASIC's guide for small business directors can help you understand:
1. your potential personal liabilities
2. the roles and responsibilities of a director
3. what to do if things go wrong
4. how to become a director of a company
5. how to resign as a director.
For example, did you know that as a director you are liable for the whole time you held the position of director, even if you've left the company or if you're a silent director? You're also legally liable for pay as you go withholding and super guarantee charge payments.