September 7, 20170

ATO Debts Becoming Uncontrollable? Notice to all ABN holders, your ATO Debts may now affect your credit rating. Beware of ATO Bankruptcy!

Posted by:Charles Bosse onSeptember 7, 2017

Declaring Bankruptcy, Bankruptcy, Bankrupt

There is upsetting 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 publish details of your tax debts to credit reporting agencies such as Veda Advantage and Dun & Bradstreet. This will make it much more challenging for small businesses to attain credit, possibly paralysing them. How could this have a bearing 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 overdue debts with the ATO that are greater than $10,000 and are more than 90 days overdue; and.
  3. You are not in any kind of payment arrangement with the ATO.

Just so you’re aware, the ATO must first notify you before they impart 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 harmed then you have at least one workable option: Get into a payment arrangement with the ATO. This may protect you from ATO Bankruptcy.

Alternatively, if you sense there is simply no hope or the ATO is threatening legal action against you as a result of your unsettled ATO debts, then bankruptcy may be a viable option for you. If you want to know more about ways to get out from under the debilitating burden of business or personal debts, just get in contact with us here at Fresh Start Solutions on 1300 818 575 or visit our website for additional information: https://freshstartsolutions.com.au.

 

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