September 7, 2017 0

ATO Debts Becoming Uncontrollable? 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 Sydney, Bankruptcy Advice

There is horrible news for business owners who have an ATO debt as of 1st July 2017. Small businesses should be careful of ATO Bankruptcy since the ATO may disclose information of your tax debts to credit reporting agencies such as Dun & Bradstreet and Veda Advantage. This will make it a lot more difficult for small businesses to secure credit, potentially paralysing them. How could this have an effect on you? You may be impacted 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 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 divulge 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 tarnished then you have at least one feasible option: Get into a payment arrangement with the ATO. This may protect you from ATO Bankruptcy.

Alternatively, if you believe there is simply no hope or the ATO is threatening legal action against you due to your unsettled ATO debts, then bankruptcy may be a realistic option for you. If you would like to know more about how to recover from the crippling burden of business or personal debts, just speak with us here at Fresh Start Solutions Sydney on 1300 818 575 or visit our website for more information:


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