|September 8, 2017||Comments Closed|
There is grim news for company owners who have an ATO debt as of 1st July 2017. Small businesses will want to be careful of ATO Bankruptcy since the ATO may disclose information of your tax debts to credit reporting agencies like Veda Advantage and Dun & Bradstreet. This will make it far more complicated for small businesses to receive credit, potentially paralysing them. How could this affect you? You may be affected if you find yourself in one of the following three categories:
1. Have an ABN (i.e. you own a business and/or you are a contractor);.
2. Have debts with the ATO that are above $10,000 and are more than 90 days overdue; and.
3. You are not in any type of payment arrangement with the ATO.
Just so you’re aware, the ATO must first advise you before they reveal your debt details to any credit agency.
If your ATO debts seem to become unmanageable and you don’t want your credit rating destroyed then you have at least one usable option: Get into a payment arrangement with the ATO. This may protect you from ATO Bankruptcy.
On the other hand, if you suspect there is simply no hope or the ATO is threatening legal action against you due to your overdue ATO debts, then bankruptcy may be a feasible option for you. If you want to know more about how you can get out from under the debilitating burden of business or personal debts, just talk to us here at Bankruptcy Experts Bendigo on 1300 795 575 or visit our website for additional information: www.bankruptcyexpertsbendigo.com.au.