Problems obtaining Tax Debt Loans or a Tax Office Payment Arrangement?

Tax Debt Loans can help when you are struggling to pay an ATO Debt or meet a payment arrangement. Regardless, you may not have the money to pay your outstanding tax debt. In the same way, you may not have the cash flow to pay your ATO obligations + an ato payment plan. In other words:

  1. You don't have the money to clear your tax debt.
  2. Plus, you don't have the income for a payment plan and also meet your ongoing commitments. 

Problems Obtaining Finance?

Conventional banks cannot lend for tax debt purposes and as such won't approve finance to resolve ATO problems. Nevertheless, we have a range of lenders who offer funding for ATO issues. In fact, Loan Saver Network advisors are experts in debt consolidation loan approvals for tax debt. Given that, we consistently obtain loan approvals for previously declined ato debt loans, 

ATO Threatening to Wind Up your Business

The ATO can wind up your business with a forced liquidation. As a matter of fact, while collecting unpaid tax debt, the ATO can remove a business from trading. Subsequently, we have successfully obtained finance and kept business trading even with pending wind-up orders or court proceedings.

ATO Threatening Bankruptcy

The ATO is heavy-handed when it comes to debt recovery. In brief, using court judgements and bankruptcy to force the sale of assets to recover money. For this reason, refinancing taxes owed could save you from an ATO bankruptcy or liquidation.

Worried about an ATO Payment Plan

The ATO can cancel an ato payment plan arrangement even if payments are on time. In effect, a cancellation can occur when you don't meet other obligations such as a Bas or other ATO lodgements. Most important, a cancelled tax debt payment plan puts you at risk of legal action or bankruptcy. With this in mind, reduce your risk and consolidate your ato debt with a choice of tax debt loans.

 Solve Tax Debt Issues Fast with the Loan Saver 3-Step Finance Process

Managing a small business is not easy. Hence, with constant cashflow demands, tax obligations can easily get out of control. Therefore, there are finance options for sole trader, company or business run through a trust. As such, we assist in sourcing suitable finance packages to help protect you and your business to find debt relief.

Therefore, we follow a simple three-step process to a loan solution.

In general, businesses only need a little more time to help get them back on track. However, time may be against you, and you need a fast solution.

On the positive side, Loan Saver provides fast Tax Debt Help and ATO Debt Loans that offer tax relief. After all, running a business while managing problems with the ATO and an outstanding tax obligation can be difficult. At the same time, debt advice is available to help improve your financial situation.  Hence, you don't need to feel alone or fight by yourself.

All you need is help getting your tax debt consolidated to move forward.


Confused and need help with tax debt obligations?

There are many forms of tax obligation a small business needs to manage to assist in preventing tax office ato debt. Therefore, if you understand your responsibilities, there is a better chance of keeping your tax accounts up to date. For the most part, we find issues with the ato arise from confusion with ato obligations.

  • Firstly, preparing and lodging BAS activity statements.
  • Secondly, payg tax obligations
  • Thirdly, company tax obligations
  • Then, employee superannuation
  • Also, personal income tax obligations
  • Finally, understanding the deadlines for income tax, GST, superannuation lodgements and payments.

With the many tax obligations listed above, it is easy to make a mistake. However, Loan Saver Network advise on finance options intended to reduce your tax debt payments by paying your ato debt. Plus, the most practical way of managing your ongoing tax obligations and cash flow. Also, in most cases, your loan can be tax deductible.

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

Read further information below on tax debt collection and the Australian Tax Office collection methods.

Let's talk about a debt solution that suits you.

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. Therefore, 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, they are accruing tax debt by allocating funds for tax payments to pay business expenses or fund growth. Basically, paying their ATO obligation once the business is trading profitably. However, the ATO is implementing changes to recover funds more quickly, causing issues with these businesses.

The ATO has higher expectations regarding resolving tax debt and how to manage tax portal accounts. In summary, the Australian Taxation Office won't allow business to keep inflating tax debts. As such, they are implementing strategies for collection of tax when due. 

In brief, if you cannot prove your ability to pay your tax obligations the ATO will seek:

  1. Full payment of the outstanding debt or;
  2. Secondly, closure of your business.

It is important to highlight the sentence above - "prove your ability to pay". To rephrase it, you may not have the ability to prove you can meet your ATO obligations.  

Tax Debt and the ATO debt collection methods

 The ATO has several collection methods at their disposal for collection of ongoing and outstanding payments. As a result, you may have encountered any of the methods listed below. 

ATO Automated Tax Collection

  • Single Touch Payroll
  • Also, Electronic Lodgement of Superannuation (SGC)

ATO Debt Collection by Agreement

  • Firstly, Payment Plans – Payment plans can be established with the ATO. However, not all payment terms offered can be anywhere from 18 months to 2-years to clear the ATO debt. Therefore, achieving a suitable payment may not be possible with such short payment terms. Click here for more information on ATO Payment Plans and the benefits and risks for your business.
  • Secondly, Debt Collectors – the debt is sent off to one of several debt collection agencies to recover the debt. 
  • Also, the ATO can lodge a second mortgage to secure their debt. Consequently, a second mortgage would allow the ATO to force the sale of your property in the event of a default. Also, a second mortgage would avoid the need to employ and pay a bankruptcy trustee to collect on the tax debt. 

Forced ATO Debt Collection

When a business doesn't fit into the payment plan requirements of the ATO then other collection methods are used. However, along with these collection methods is usually the closure of your business. Therefore, a payment plan or finance option is almost always the best solution. 

  • Business Wind - the ATO can close your business because of a tax debt. As such, the ato can force a company liquidation to pay a tax debt. Click here for more information on ATO wind up proceedings and the reasons behind this approach.
  • Also, ATO Bankruptcy – a personal bankruptcy gives a bankruptcy trustee the power to sell your assets to pay your ATO debt. Click here for more information on ATO bankruptcy and the reasons behind this approach.

Other Debt Collection methods

  • Not economical to pursue – The ATO can hide your debt from the portal view. Consequently, waiting until you gain an asset they can sell. Similarly, you may become more profitable and garnish funds in your bank. For that reason, we feel the correct term 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 and suffering financial hardship. As such, their ongoing Company and Personal Income Tax, BAS payments, PAYG and Superannuation obligations are difficult to manage.

Businesses need to operate profitably and with excellent procedures to manage your debts and obligations. Consequently, the ATO will cancel payments plans for:

  1. Firstly, Missing a payment on a payment plan.
  2. Secondly, Failure to Lodge a BAS.
  3. Finally, Where you fail to lodge tax return by the due date.

If cancelled, the ATO will move to recover the entire debt more aggressively.

Tax Debt Help and Advice

At Loan Saver Network, we understand tax debt problems and the help needed to fix debt issues. Furthermore, we can assist in options you need to stay in business and protect your assets.  

  • Consolidation tax debt loans are often beyond the ability of a conventional bank, mortgage broker or accountant. 
  • Hence, we can help keep the government debt collectors off your back. In particular, our tax debt loans can also provide help with wages, GST, other fixed expenses. 
  • Hence, reduce your commitments with a loan to bring your tax up to date. In fact, reducing your commitments can give you the ability to pay your ongoing tax obligation. 
  • In brief, we provide custom solutions to complex tax or business finance issues.
  • Finally, see help from the ATO about your tax debt.

Loan Saver Network advisors can advise on the latest tax debt loans with competitive interest rates. For this reason, start on the road to recovery today. So call 1300 796 850 today for help with your tax debt strategy.