ATO Debts Becoming Uncontrollable? Warning to all ABN holders, your ATO Debts may now impair your credit rating. Beware of ATO Bankruptcy!
There is unfortunate news for business owners who have an ATO debt from 1st July 2017. Small businesses must be careful of ATO Bankruptcy since the ATO may reveal details of your tax debts to credit reporting agencies such as Veda Advantage and Dun & Bradstreet. This will make it far more challenging for small businesses to secure credit, possibly incapacitating them. How could this affect you? You may be affected if you fit into one of the following 3 categories:
- Have an ABN (i.e. you own a business and/or you are a contractor);.
- Have past debts with the ATO that are more than $10,000 and are more than 90 days overdue; and.
- You are not in any sort of payment arrangement with the ATO.
Just so you know, the ATO must first notify you before they publish your debt details to any credit agency.
If your ATO debts seem to be getting out of control and you don’t want your credit rating harmed then you have at least one feasible option: Get into a payment arrangement with the ATO. This may prevent you from ATO Bankruptcy.
Nevertheless, if you believe there is simply no hope or the ATO is threatening legal action against you due to your unpaid ATO debts, then bankruptcy may be a rational option for you. If you would like to know more about how to recover from the crippling burden of personal or business debts, just call us here at Bankruptcy Experts Tablelands on 1300 795 575 or visit our website for more details: www.bankruptcyexpertstablelands.com.au.