September 7, 2017 0

ATO Debts Getting Out of Hand? Warning to all ABN holders, your ATO Debts may now destroy your credit rating. Beware of ATO Bankruptcy!

Posted by:Charles Bosse onSeptember 7, 2017

Declaring Bankruptcy,Bankruptcy Advice,Bankruptcy Adelaide

There is bad news for business owners who have an ATO debt as of 1st July 2017. Small businesses must be careful of ATO Bankruptcy since the ATO may unveil details of your tax debts to credit reporting agencies like Veda Advantage and Dun & Bradstreet. This will make it a lot more arduous for small businesses to acquire credit, possibly incapacitating 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 overdue debts with the ATO that are greater than $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 know, the ATO must first warn you before they unveil your debt details to any credit agency.

If your ATO debts seem to become uncontrollable and you don’t want your credit rating harmed then you have at least one workable option: Set up a payment arrangement with the ATO. This may prevent you from ATO Bankruptcy.

Nevertheless, if you feel there is simply no hope or the ATO is threatening litigation against you due to your overdue ATO debts, then bankruptcy may be a practical option for you. If you want to know more about how to recover from the crippling burden of business or personal debts, just talk to us here at Fresh Start Solutions Adelaide on 1300 818 575 or visit our website for more details:

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