ATO Debts Becoming Unmanageable? Notice to all ABN holders, your ATO Debts may now harm your credit rating. Beware of ATO Bankruptcy!
There is sad news for business owners who have an ATO debt from 1 July 2017. Small businesses will want to be careful of ATO Bankruptcy since the ATO may divulge information of your tax debts to credit reporting agencies such as Veda Advantage and Dun & Bradstreet. This will make it much more arduous for small businesses to attain credit, potentially incapacitating them. How could this affect you? You may be affected if you fit into one of the following three categories:
- Have an ABN (i.e. you own a business and/or you are a contractor);.
- Have past 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 unveil your debt information to any credit agency.
If your ATO debts seem to be getting out of control and you don’t want your credit rating tarnished then you have at least one usable option: Set up a payment arrangement with the ATO. This may prevent you from ATO Bankruptcy.
Conversely, if you think there is simply no hope or the ATO is threatening legal action against you because of your unsettled ATO debts, then bankruptcy may be a practical option for you. If you would like to know more about ways to get out from under the debilitating burden of business or personal debts, just phone us here at Bankruptcy Experts Bunbury on 1300 795 575 or visit our website for more details: www.bankruptcyexpertsbunbury.com.au.