ATO Debts Becoming Unmanageable? Notice to all ABN holders, your ATO Debts may now tarnish your credit rating. Beware of ATO Bankruptcy!
There is terrible news for business owners who have an ATO debt as of 1 July 2017. Small businesses have to be careful of ATO Bankruptcy since the ATO may unveil information of your tax debts to credit reporting agencies like Veda Advantage and Dun & Bradstreet. This will make it much more difficult for small businesses to acquire credit, possibly crippling them. How could this affect you? You may be impacted if you find yourself in one of the following 3 categories:
- Have an ABN (i.e. you own a business and/or you are a contractor);.
- Have unpaid debts with the ATO that are above $10,000 and are more than 90 days overdue; and.
- You are not in any type of payment arrangement with the ATO.
Just so you’re aware, the ATO must first notify you before they impart your debt details to any credit agency.
If your ATO debts seem to become unmanageable and you don’t want your credit rating affected then you have at least one viable option: Organise a payment arrangement with the ATO. This may protect you from ATO Bankruptcy.
On the other hand, if you suspect there is simply no hope or the ATO is threatening litigation against you due to your unpaid ATO debts, then bankruptcy may be a viable option for you. If you want to know more about how you can recover from the crippling burden of business or personal debts, just speak to us here at Bankruptcy Experts Geelong on 1300 795 575 or visit our website for more information: www.bankruptcyexpertsgeelong.com.au.