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ATO Debts Becoming Unmanageable? Caution to all ABN holders, your ATO Debts may now cripple your credit rating. Beware of ATO Bankruptcy!

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There is bad news for business owners who have an ATO debt from 1 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 such as Veda Advantage and Dun & Bradstreet. This will make it much more complicated for small businesses to acquire credit, potentially incapacitating them. How could this have an effect on 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 above $10,000 and are more than 90 days overdue; and.
  3. You are not in any sort of payment arrangement with the ATO.

Just so you understand, the ATO must first warn you before they impart your debt information to any credit agency.

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

Conversely, if you believe there is simply no hope or the ATO is threatening legal action against you due to your unsettled ATO debts, then bankruptcy may be a sensible option for you. If you want to know more about how to recover from the crippling burden of personal or business debts, just phone us here at Bankruptcy Experts Canberra on 1300 795 575 or visit our website for more details: