ATO Debts Becoming Unmanageable? Notice to all ABN holders, your ATO Debts may now harm your credit rating. Beware of ATO Bankruptcy!
There is distressing news for business owners who have an ATO debt from 1st July 2017. Small businesses need to be careful of ATO Bankruptcy since the ATO may unveil information of your tax debts to credit reporting agencies like Dun & Bradstreet and Veda Advantage. This will make it far more problematic for small businesses to purchase credit, possibly paralysing them. How could this have an effect on 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 overdue debts with the ATO that are more than $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 know, the ATO must first notify you before they disclose your debt details to any credit agency.
If your ATO debts seem to become unmanageable and you don’t want your credit rating impaired then you have at least one workable option: Enter into a payment arrangement with the ATO. This may prevent you from ATO Bankruptcy.
On the other hand, if you think there is simply no hope or the ATO is threatening legal action against you because of your unpaid ATO debts, then bankruptcy may be a sensible option for you. If you would like to know more about how you can get out from under the debilitating burden of business or personal debts, just contact us here at Bankruptcy Experts Wollongong on 1300 795 575 or visit our website for more details: www.bankruptcyexpertswollongong.com.au.