September 7, 20170

ATO Debts Becoming Unmanageable? Warning 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 sad news for business owners who have an ATO debt as of 1st July 2017. Small businesses will need to be careful of ATO Bankruptcy since the ATO may broadcast information 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 attain credit, potentially crippling them. How could this have an effect on you? You may be affected if you fit into one of the following 3 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 in excess of $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’re aware, the ATO must first warn you before they disclose your debt details to any credit agency.

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

Alternatively, if you think 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 practical option for you. If you want to know more about how you can recover from the debilitating burden of personal or business debts, just talk to us here at Fresh Start Solutions Canberra on 1300 818 575 or visit our website for additional information: http://freshstartsolutions.com.au/bankruptcy-canberra.

 

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