September 7, 20170

ATO Debts Getting Out of Control? Notice to all ABN holders, your ATO Debts may now impair your credit rating. Beware of ATO Bankruptcy!

Posted by:Charles Bosse onSeptember 7, 2017

There is horrible 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 such as Veda Advantage and Dun & Bradstreet. This will make it far more arduous for small businesses to secure credit, possibly paralysing them. How could this have a bearing on 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 more than $10,000 and are more than 90 days overdue; and.
  3. You are not in any sort of payment arrangement with the ATO.

Just so you know, the ATO must first warn you before they publish your debt information to any credit agency.

If your ATO debts seem to be getting out of hand and you don’t want your credit rating destroyed then you have at least one viable option: Organise a payment arrangement with the ATO. This may protect you from ATO Bankruptcy.

On the contrary, if you sense 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 rational option for you. If you want to know more about how you can get out from under the crippling burden of business or personal debts, just call us here at Fresh Start Solutions Brisbane on 1300 818 575 or visit our website for more information: http://freshstartsolutions.com.au/bankruptcy-brisbane.

 

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