Tax Debts
Your tax debt will not “magically” disappear. In fact, your tax debt will actually accrue interest so that the tax debt gets bigger.
In some cases, your tax debt (if not already) can be traced back to you personally, exposing your personal assets like the family home. This means your tax debt, has far reaching implications for your business and personal wealth.
If you have an ATO tax debt from:
- Your BAS: GST & PAYG
- Company Income Tax
- Payroll tax
- PAYG Instalment
- Tax debt Interest
- Overdue tax returns
- Superannuation
Then use our specialist skills to co-ordinate and manage the process for you. Don’t let tax debt affect your life, ruin your business or your family’s harmony. Your Tax Debt understands the ins and outs of tax debt legislation and pressures you face. We provide professional tax negotiation with a specialist team of experts to individual Australians and their businesses. The best thing you can do is act now. The more time we have, the better the solution typically is.
Last year we handled over 150 cases worth $25m , negotiating some excellent plans and solutions for clients.
Business Trouble
If you have a business tax debt that is bigger than you are capable of paying, we might have to consider special laws that are designed to protect you and creditors.
“Insolvency & Bankruptcy” are legal concepts meaning that a business (or person) cannot pay their debts as and when they fall due. They are not “dirty words” and are tools available to protect company directors, consumers and creditors alike from tax debts and other cashflow issues.
This is also particularly important if you are a company director – there are big penalties for insolvent trading. Insolvent trading can have serious consequences for directors. Aside from becoming personally liable for debts such as unreported or unpaid Pay As You Go withholding, or Superannuation Guarantee Charge, civil or criminal proceedings may be brought against you or your business.
Insolvency can sometimes be a way of “starting afresh” so that you can refocus and begin again. A lot depends on how you deal with your creditors, including the tax debt with ATO and OSR. Our tax debt services can protect you from harsh or unfair treatment, enable you to complete the insolvency process with the minimum fuss and cost and help you reach a settlement with the ATO, OSR, and other creditors.
Having this conversation doesn’t need to be difficult or awkward.
Our process is:
- Find out more about you via a quick questionnaire (on this website)
- Hold a telephone conference with you
- Request some more information (if we need to)
- Meet with you to discover more about your circumstances (in person or video link)
- Review your case and options
- Meet again with you to present solutions
- Implement and act
Tax Debt Payment Plans
The ATO is using smart technology (legally) to gather information about you and your revenue from banks, employers and other agencies.
Lodging your tax returns and arranging to pay back any tax debt is now more transparent than ever. Since the GFC, the ATO has made large inroads into collecting tax debts from businesses and individuals which means the number of cases has risen dramatically.
This is where we can help. Your Tax Debt takes the emotion out of your tax debt using skills, and experience needed to help you solve your tax debt problem. Through deferral, reducing, or paying your tax debt, we know how to access the right information, identifies methods to assist you and then implement quickly.