If you have a Business with an Australian Business Number and Tax Debt of more than $10,000 that is over 90 Days old the time has come to make sure that this is being addressed and Tax Debt Resolved should be your first point of call to help you find a solution.
Tax Debt Specialists and accountants have been urged to help clients get their tax debts under control ahead of changes to the ATO’s ability to disclose Tax Debt information to credit reporting bureaus or risk serious inescapable consequences.
The 2016-2017 Mid-Year Economic and Fiscal Outlook included 2 Key tax changes, one of which allows the ATO to disclose to credit reporting bureau the tax debt information of businesses that have not effectively engaged with the ATO to manage these debts from 1st July 2017.
What this means is that Businesses that fail to address their outstanding Tax Debts should expect their credit rating to be adversely affected and it’s then on their commercial credit file for five years.
The information that's being disclosed is tax debt over the value of $10,000 which is actually in default.
Tax Debt Resolved have a range of options available to assist Businesses address this issue ranging from a Tax Debt Loan to dealing directly with the ATO on your behalf and negotiating payment arrangements.
For free confidential advice please contact us on 1300 62 85 86.
For more information on tax debt solutions, check out our tax debt page.