September 7, 2017 0

ATO Debts Becoming Uncontrollable? Notice to all ABN holders, your ATO Debts may now shatter 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 want to 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 a lot more challenging for small businesses to receive 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 unpaid 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 type of payment arrangement with the ATO.

Just so you understand, the ATO must first warn you before they reveal 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 damaged 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 contrary, if you believe there is simply no hope or the ATO is threatening legal action against you as a result of your unpaid ATO debts, then bankruptcy may be a viable option for you. If you would like to know more about ways to get out from under the debilitating burden of personal or business debts, just phone us here at Fresh Start Solutions Hobart on 1300 818 575 or visit our website for more details:


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