September 12, 2017Comments Closed

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

Posted by:admin onSeptember 12, 2017

Bankruptcy Experts Mount Isa

There is bad news for business owners who have an ATO debt as of 1 July 2017. Small businesses should be careful of ATO Bankruptcy since the ATO may expose information of your tax debts to credit reporting agencies such as Veda Advantage and Dun & Bradstreet. This will make it much more challenging for small businesses to receive credit, potentially crippling them. How could this bear upon you? You may be impacted if you find yourself in one of the following 3 categories:

  1. Have an ABN (i.e. you own a business and/or you are a contractor);.
  2. Have overdue debts with the ATO that are more 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’re aware, the ATO must first inform you before they disclose your debt information 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 usable option: Set up a payment arrangement with the ATO. This may prevent you from ATO Bankruptcy.

On the contrary, if you feel there is simply no hope or the ATO is threatening litigation against you due to your unsettled ATO debts, then bankruptcy may be a viable option for you. If you would like to know more about how to get out from under the debilitating burden of business or personal debts, just talk to us here at Bankruptcy Experts Mount Isa on 1300 795 575 or visit our website for more information: www.bankruptcyexpertsmountisa.com.au.

 

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