ATO Debts Getting Out of Control? Warning to all ABN holders, your ATO Debts may now hurt your credit rating. Beware of ATO Bankruptcy!
There is bad news for company owners who have an ATO debt from 1st July 2017. Small businesses have to be careful of ATO Bankruptcy since the ATO may broadcast 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 attain credit, possibly crippling them. How could this have a bearing on 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 in excess of $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 understand, the ATO must first warn you before they disclose your debt details to any credit agency.
If your ATO debts seem to become uncontrollable and you don’t want your credit rating damaged then you have at least one workable option: Organise a payment arrangement with the ATO. This may prevent you from ATO Bankruptcy.
Nevertheless, if you sense there is simply no hope or the ATO is threatening litigation against you due to your unsettled ATO debts, then bankruptcy may be a practical option for you. If you want to know more about ways to recover from the crippling burden of personal or business debts, just talk with us here at Bankruptcy Experts Melbourne on 1300 795 575 or visit our website for additional information: www.bankruptcyexpertsmelbourne.com.au.