Problems with a Tax Debt Payment Arrangement?
ATO Threatening Bankruptcy.
Problems Obtaining Finance?
ATO Threatening to Wind Up your Business
Tax Debt Video – The Benefits Of Consolidating Loans To Solve ATO Debts
Can Tax Debt Issues be solved with a Loan Saver Solution?
If you run a business and are having problems with debt owed to the ATO, remember, you don't need to feel alone or fight by yourself.
Managing a business is not easy, with constant demands on business owners time and other resources to make a profit. Often, tax obligations can quickly get out of control, and it can be challenging to bring yourself back to compliance. In general, businesses only need a little more time or a tax finance solution to let them get back on track. On the positive side, Tax Debt Help is available and can provide relief.
What are the obligations to help avoid mounting tax debt?
There are many forms of tax obligation a business needs to manage to assist in preventing debt to the tax office. Therefore, if you understand your responsibilities, there is a better chance of maintaining a compliant business and avoid getting behind.
- Firstly, Preparing and Lodging BAS
- Next is, Payg Tax Obligations
- Company Tax Obligations
- Employee Superannuation
- Personal Income Tax Obligations
- Finally, understanding the deadlines for income tax, gst, superannuation lodgements and payments.
Tax Debt and the ATO information about debt collection
Of course, selling your products and services is paramount to every business. However, meeting your tax obligations is critical. As a result, we have seen the most common cause of forced business wind up is tax debt. So, applying for tax debt hardship at an early stage is important.
It is widespread for a business to use the ATO as an unofficial overdraft facility. In effect, with the idea to pay off their ATO debts once the business is trading profitably again. Undeniably, business owners have been using this methodology for many years, and it is nothing new. However, the changes we have been observing of late is that the ATO has changed their approach to ongoing tax debt and management of a business’s running account. In summary, the ATO is cracking down on inflating business tax debts and more importantly implementing strategies to not allow the business to accumulate a tax account.
Tax Debt and the ATO debt collection methods
The ATO has several collection methods at their disposal. As a result, you may be experiencing some of these methods and just maybe how you came to be on this page. For that reason, here are some of the ways they use to collect ongoing and outstanding payments.
ATO Automated Tax Collection
- Single Touch Payroll
- Also, Electronic Lodgement of Superannuation (SGC)
ATO Debt Collection
- Debt Collectors – the debt is sent off to one of several debt collection agencies to recover the debt.
- Payment Plans – payments are a steady diet for the ATO. Not all business income and profit can sustain a maximum 2-year term on the ATO debt, with most terms to clear the debt at around 18 months. Click here for more information on ATO Payment Plans and the benefits and risks for your business.
- Business Wind up – This occurs if the ATO sees your business is accruing debt and is not capable of meeting your tax payments. They may use a solicitor to wind up your company and liquidate the assets to pay your tax debt. Click here for more information on ATO wind up proceedings and the reasons behind this approach.
- ATO Bankruptcy – it seems illogical to bankrupt someone as the ATO won't receive any of their money. The ATO however, sees bankruptcy as a just way to recover money owed. Click here for more information on ATO bankruptcy and the reasons behind this approach.
- The ATO can lodge a second mortgage to secure the tax debt. This way, if you default, the ATO can force the sale of your property without the need to employ and pay a bankruptcy trustee. In most cases, the ATO does not receive any funds from a bankrupt because of trustee costs.
- Not economical to pursue – The ATO can hide your debt from the portal view. While,they wait until you gain an asset they can sell, or recover. Similarly, you may become more profitable and garnish funds in your bank . For that reason we feel the correct terminology would be “not economical to pursue now”
Where to from here with your Tax Debt?
Where previously maintaining an outstanding tax liability was manageable. Even more, business owners are struggling to meet their payment plans. As such, their ongoing Company and Personal Income Tax, BAS payments, PAYG and Superannuation obligations are too much.
Businesses need to be operating very profitably and with excellent management procedures to maintain all of these obligations. Consequently, if you fall behind or become non-compliant with the ATO, they will cancel any arrangements and move to recover the entire debt more aggressively.
Tax Debt Help and Advice
At the Loan Saver Network, we understand tax debt problems and the help needed to resolve the debt issue. However, solutions are available in most cases. Likewise, we can provide the options you need to stay in business and protect your assets. In any event, we can advise on the latest tax debt loans with competitive interest rates. Coupled with, helping you structure your ongoing finance to meet your debt needs.
Paying tax debt and facilitating the tax debt consolidation process is almost always beyond the capability of a regular bank, mortgage broker or accountant.
We can help to keep the government debt collectors off your back. In particular, our tax debt loans can provide help with wages, GST, other fixed expenses. As a result, your finances could also improve.
We can provide a unique solution to most tax or business finance issues. Above all, contact us today for a free tax debt strategy consultation and start on the road to recovery. Furthermore, call 1300 796 850 for an appointment for tax debt help.
Why Work With The Loan Saver Network?
We Are Australian Credit Licensed
Variety of Standard and Specialist Lenders
19 Years Experience - Experts In Tax Debt Solutions
Simple Straight Forward Solutions Based Approach
Ongoing Support Program.
Firstly, do you have Tax Debt owing to the ATO? Otherwise, are you wondering how you can pay it off? Finally, is the ATO sending payment requests or debt collectors?
Are you wondering how you can meet your past and future tax obligations? Possibly, you need debt or loan restructure to help you keep trading?
Are you looking for help with Tax Debt however need someone with ATO experience? Above all, Call Us Today to get the ball rolling.