Tax Debt Video – The Benefits Of Consolidating Loans To Solve ATO Debts

We Are Here To Help Solve Your Tax Debt Issues

If you run a business and are having problems with debt owed to the ATO, you don't need to feel alone or fight by yourself.

Managing a business is not easy, with constant demands on a business owners time and other resources in order to make profit.  Tax obligations can easily get out of control. Sometimes it can be difficult to bring yourself back to compliance. On many occasions businesses just need a little more time, or a tax finance solution to let them get back on track.

Some of the Tax Obligations include:

• Preparing and Lodging BAS
• Payg Tax Obligations
• Company Tax Obligations
• Employee Superannuation
• Personal Income Tax Obligations
• Deadlines for income tax, gst, superannuation lodgements and payments.

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The ATO and their methods of collecting Tax Debt

Of course, selling your products and services is paramount to every business. Meeting your tax obligations is critical though, and we have seen the most common cause of forced business wind up is tax debt.

It is very common for a business to use the ATO as an unofficial overdraft Facility. With the idea to pay off their ATO debts once business is trading profitably again. Business owners have been using this methodology for many years, it is nothing new. The changes we have been observing of late is that the ATO have changed their approach to ongoing tax debt and management of a business’s running account. They are cracking down on ongoing or inflating business tax debts.

The taxation department has a number of collection methods at their disposal. Your may be experiencing some of these and that might be how you came to be on this page. Here are some of the methods they use to collect outstanding payments.

• Debt Collectors – the debt is sent off to one of a number of debt collection agencies to recover the debt.
• Payment Plans – payments are a stable 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 business 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.
• Bankruptcy – it seems illogical to bankrupt someone as the ATO wont 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.
• Lodging of a second mortgage to secure the 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 bankruptcy because of trustee costs.
• Not economical to pursue – The ATO can hide your debt from the portal view. They will then wait until you gain an asset they can sell, or recover. They may also see your business as more profitable and have funds in your bank to garnish. The correct terminology would be “not economical to pursue now”

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Where to from here with your Tax Debt?

Where previously maintaining an outstanding tax liability was manageable, more and more business owners are struggling to meet their payment plans. Their ongoing Company and Personal Income Tax, BAS payments, Payg and Superannuation obligations are simply too much.

Businesses need to be operating very profitably and with very good management procedures to maintain all of these the obligations. If you go behind or become non compliant with the ATO, they will cancel any arrangements and move to recover the entire debt more aggressively.

At the Loan Saver Network, we understand tax debt help and the problems associated with managing your obligations. Solutions are available in most cases. We can provide the options you need to stay in business and protect your assets. We can advise on the latest tax debt loans with competitive interest rates. And more importantly, help 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. Our tax debt loans can provide help both in the short term, and will allow you to keep up with wages, GST, other fixed expenses. Long term, your personal finances can also be secured.

We can provide a unique solution to most tax or business finance issues. Contact us today for a free tax debt strategy consultation and start on the road to recovery. Call 1300 796 850 for an appointment.

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