ATO Debt? Read this to avoid your next home or business loan being rejected
The ATO is now able to list outstanding tax debts over $100,000 for more than 90 days, to credit reporting bureaux.
This could have a detrimental effect on future borrowings for the business, and business owners/directors. When our clients are applying for finance, the financiers nearly always contact us to get the latest ATO debt reports, so it’s important to pay down debts within the due dates where you can.
Most of our clients are good about keeping their ATO debts down to a reasonable level, or communicating with the ATO or organising payment arrangements. Just a reminder that if you can’t pay your tax debt by the due date, don’t let it sit there. The ATO will almost always accept a payment arrangement if you call them or use MyGov to set terms that the ATO will accept and that are reasonable for you.
If you are having issues with making the payment arrangement, contact admin@in8businessadvisory.com.au and we will arrange a time and date that will suit you.
