Hi there,
I own a Pty Ltd which I contract through. I'm the sole director and had only one "client" per year, which probably means PSI rules apply to me. However I was working from a home office and providing my own equipment to provide IT services.
My quarterly BAS' GST was paid and prepared correctly for the last two years and my 2021 Company Tax return was submitted a year ago. Additionally, they handled my income tax return so I had already paid 20k in personal income taxes.
According to my accountant, I think I may be liable to a 100k in company tax that was "banked" up over the last two years as I was drawing my wages directly from the Pty Ltd bank account (https://business.gov.au/finance/taxation/pay-as-you-go-payg-instalments). Apparently, I was supposed to set aside an amount to pay myself Super + PAYG tax. I was not told about this until 6 months after the end of contracting. I was only told about this when I asked about deregistering the company as I had planned to no longer work / contract anymore (so the company account is almost empty).
Can someone clarify what I should do in this situation?
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