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Tax failures, $60m owed sees ASIC disqualify 3 directors

Tax failures, $60m owed sees ASIC disqualify 3 directors

Three Queensland directors have been disqualified from managing corporations after liquidator reports found that they had failed to comply with record keeping and tax obligations.

Tax&Compliance Jotham Lian 18 December 2018
— 1 minute read

ASIC has disqualified Damian and Marie Dodds of Thornlands, Queensland, and Stephen Anderson of Capalaba, Queensland, from managing corporations.

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Both Mr Dodds and Mr Anderson have been disqualified for 2 years and 6 months until 29 May 2021. Ms Dodds has been disqualified for an 18-month period until 29 May 2020.

The disqualification follows the appointment of liquidators to OneCash; RPMZone; DSM; and All Breads, with reports showing that the total amount owed to creditors exceeded $60 million across all four companies.

As a result of information contained in the liquidator reports, ASIC concluded that Mr Dodds had failed to ensure that OneCash had complied with record keeping obligations, failed to ensure OneCash, RPMZone and All Breads had paid taxes and failed to discharge his duty as a director of all three companies.

Ms Dodds was concluded to have failed those obligations with OneCash and All Breads; and Mr Anderson was found to have failed those obligations with OneCash, DSM, and All Breads.

Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for up to five years if, within a seven-year period, the person was an officer of two or more companies, and those companies were wound up and a liquidator provides a report to ASIC about the company’s inability to pay its debts.

ASIC maintains a public register of banned and disqualified persons that provides information about people who have been disqualified from involvement in the management of a corporation; disqualified from auditing self-managed superannuation funds (SMSFs); or banned from practising in the financial services or credit industry.

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Tax failures, $60m owed sees ASIC disqualify 3 directors
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