September 11, 2017 Comments Closed

ATO Debts Getting Out of Hand? Warning to all ABN holders, your ATO Debts may now destroy your credit rating. Beware of ATO Bankruptcy!

Posted by:admin onSeptember 11, 2017

There is grim news for company owners who have an ATO debt from 1st July 2017. Small businesses must be careful of ATO Bankruptcy since the ATO may divulge information of your tax debts to credit reporting agencies like Veda Advantage and Dun & Bradstreet. This will make it far more challenging for small businesses to attain credit, potentially crippling them. How could this have an effect on you? You may be impacted if you find yourself in one of the following three categories:

  1. Have an ABN (i.e. you own a business and/or you are a contractor);.
  2. Have past debts with the ATO that are greater than $10,000 and are more than 90 days overdue; and.
  3. You are not in any kind of payment arrangement with the ATO.

Just so you understand, the ATO must first inform you before they divulge your debt details to any credit agency.

If your ATO debts seem to become unmanageable and you don’t want your credit rating hurt then you have at least one usable option: Enter into a payment arrangement with the ATO. This may protect you from ATO Bankruptcy.

On the contrary, if you feel there is simply no hope or the ATO is threatening legal action against you due to your overdue ATO debts, then bankruptcy may be a plausible option for you. If you would like to know more about ways to get out from under the debilitating burden of personal or business debts, just talk to us here at Bankruptcy Experts Ipswich on 1300 795 575 or visit our website for more details: www.bankruptcyexpertsipswich.com.au.

 

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