It happens to the best of us. Whether it’s tax on profits, PAYG or BAS, there is often a time when you let your tax build up to a point where you can’t meet payments. Like many businesses in Australia, having tax debt is quite common, and it doesn’t necessarily mean poor trading. What it does mean however, is that you are likely to experience difficulty trying to obtain a loan from the bank to pay your debt.
It happens to the best of us. Whether it’s tax on profits, PAYG or BAS, there is often a time when you let your tax build up to a point where you can’t meet payments. Like many businesses in Australia, having tax debt is quite common, and it doesn’t necessarily mean poor trading. What it does mean however, is that you are likely to experience difficulty trying to obtain a loan from the bank to pay your debt.
What should I do next?
There are some serious consequences for not meeting your tax payments. You will likely find yourself receiving a Creditor’s Statutory Demand, Director Penalty Notice or Garnishee Order and if they are not taken care of, the director of the company can become personally liable for all outstanding debts.
There are many options available to assist with you tax debt, and it’s always best to engage with a tax debt specialist to explore your options.
Who can help?
A tax debt specialist can help with payment arrangements with the ATO, often negotiating a reduced tax debt or compromise. Banks typically view tax debt as high risk when considering extending or providing a loan. Whilst not always true, they will generalise you as being in financial distress and unlikely to pay back the loan.
A licensed, non-bank lender can offer business loans with existing tax debt. Depending on your circumstances these loans can be secured or unsecured. While the interest will be slightly higher than a secured business loan, you don’t have to worry about extra fees or losing the family home.
What should I do next?
There are some serious consequences for not meeting your tax payments. You will likely find yourself receiving a Creditor’s Statutory Demand, Director Penalty Notice or Garnishee Order and if they are not taken care of, the director of the company can become personally liable for all outstanding debts.
There are many options available to assist with you tax debt, and it’s always best to engage with a tax debt specialist to explore your options.
Who can help?
A tax debt specialist can help with payment arrangements with the ATO, often negotiating a reduced tax debt or compromise. Banks typically view tax debt as high risk when considering extending or providing a loan. Whilst not always true, they will generalise you as being in financial distress and unlikely to pay back the loan.
A licensed, non-bank lender can offer business loans with existing tax debt. Depending on your circumstances these loans can be secured or unsecured. While the interest will be slightly higher than a secured business loan, you don’t have to worry about extra fees or losing the family home.
Act now and avoid further penalties
If you have outstanding debt with the ATO or OSR, or have been declined a loan previously, My Tax Debt can help. Our tax debt specialists have good relationships with the ATO and OSR and have decades of experience in resolving these matters. If you want to learn more about how you can become debt free, fill out the short consultation form below, or call 1300 344 333 for a free assessment of your situation.
Act now and avoid further penalties
If you have outstanding debt with the ATO or OSR, or have been declined a loan previously, My Tax Debt can help. Our tax debt specialists have good relationships with the ATO and OSR and have decades of experience in resolving these matters. If you want to learn more about how you can become debt free, fill out the short consultation form below, or call 1300 344 333 for a free assessment of your situation.
