September 7, 2017 0

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

Posted by:Charles Bosse onSeptember 7, 2017

Declaring Bankruptcy,Bankruptcy Gold Coast,Bankruptcy Advice

There is grim news for company owners who have an ATO debt as of 1st July 2017. Small businesses must be careful of ATO Bankruptcy since the ATO may publish information of your tax debts to credit reporting agencies such as Dun & Bradstreet and Veda Advantage. This will make it a lot more challenging for small businesses to receive credit, potentially incapacitating them. How could this bear upon you? You may be affected if you fit into one of the following three categories:

  1. Have an ABN (i.e. you own a business and/or you are a contractor);.
  2. Have unpaid debts with the ATO that are more 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 understand, the ATO must first inform you before they unveil your debt information to any credit agency.

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

On the other hand, if you feel there is simply no hope or the ATO is threatening litigation against you because of your overdue ATO debts, then bankruptcy may be a feasible option for you. If you would like to know more about how you can recover from the debilitating burden of personal or business debts, just speak with us here at Fresh Start Solutions Gold Coast on 1300 818 575 or visit our website for additional information:

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