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Take control of your tax debt to avoid business shut-down

The Australian Taxation Office (ATO) is one of the biggest triggers for company liquidations – and personal bankruptcies. So, if you’re struggling with overwhelming tax debt, it’s time to take control and deal with the situation before they come knocking.

As tax debt experts, we work to help you manage your tax debt by negotiating relief with the ATO for you and formulating a repayment plan. We can also help you refinance existing mortgages to pay out your tax debt or potentially restructure your business.

The key to success and avoiding the ATO taking steps to recover the debts is communication and transparency. Even seemingly insurmountable tax debt can be overcome when dealt with openly and honestly. Our aim is always to look at ways to protect your assets, preserve your wealth, and ease the mental strain.

tax debt

The tax debt management process

Initial Tax Debt Review

Once you’ve engaged our tax debt team, our first job is to review your tax debt to ensure you’ve calculated the outstanding amount correctly. Plus, we provide strategic tax debt management advice.

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ATO Negotiation And Plan

We act as a mediator between you and the tax office. We also work to figure out a viable repayment plan, pulling together any financial documents and cash flow projections required by the ATO.

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Advice For A Debt-Free Future

Once a repayment plan has been mutually agreed on and your tax debt has become manageable, we offer strategic advice to ensure your business is structured to meet its future tax liabilities.

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Chris

Tax Debt

$50,000 Tax Debt

Increased Competition

Cashflow Issues

Find out how we helped Chris

Our Solution

ATO Repayment Plan

Chris felt regretful of his situation and blamed himself, but realised he needed help to get out of it. He didn’t want to let his employees fall short or lose the business. He sought out our help as tax debt experts, and we reassured him that the situation could be rectified.

We worked out he had a tax debt of approximately $50,000. We then spoke with the ATO, explaining the situation and proposed a repayment plan, which included selling some non-essential assets.

Positive Outcome

Chris Finds Stability

Repayment Plan Was Agreed

The ATO accepted a monthly repayment plan, plus an initial upfront payment.

The Stress Dissolved

Chris didn’t have to worry about dealing with the ATO or action being taken.

Lessons Were Learned

Thanks to our advice, and working in conjunction with his accountant, Chris made changes to ensure he could meet future liabilities and avoid this scenario in future.

You're In Safe Hands

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Judgement-Free

At Revive Financial, we care about the stress and impact being in debt has on your wellbeing. We want to help you take back control with no judgement, just a helping hand.

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Financial Professionals

Revive Financial is proudly Australian owned and lead by a team of Chartered Accountants. Our qualified team have been helping Australians become debt free since 2005.

Tailored Solutions

Industry Leaders

Our dedicated team have been trusted by over 10,000 Australians to help take back control of their financial futures. It's what we do best so you can rest assured.

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Download Our eBook

Learn how to turn negative to positive today with a FREE ebook produced by our team of finance professionals, just for you. This helpful guide outlays all of the debt management options available and will assist you in understanding how you can take back control of your financial future.

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Frequently Asked Questions

How much will a Tax Debt Solution cost?

The costs vary but there is no charge for the initial consultation with one of our financial professionals. You are under no obligation to proceed at this point. If you choose to do so though we will be totally transparent and upfront about the cost of resolving your tax challenges. Our prices are reasonable and fair, so you don’t have to worry about any surprises or hidden costs.

Will the tax office come after me personally for my company’s tax debt?

No, as long as you act early.

In some circumstances, directors can be held personally liable for their company’s superannuation and BAS debts owed to the Australian Taxation Office (ATO).

The ATO can seek to make a director personally liable for these debts under an ATO director penalty notice. Appointing a liquidator or administrator to your company can avoid personal liability for these debts:

  • for periods where a debt remains unpaid, the respective BAS or superannuation guarantee charge statements have been lodged on time; and
  • a director penalty notice hasn’t been issued or, if it has been issued, an administrator or liquidator is appointed within 21 days of the date of the notice.
  • Director penalty notices are issued to the director’s personal residence, which is recorded with ASIC, so it’s important you keep your details up to date.

In our experience, while the ATO is keen to recover money owed, the primary reason for issuing a director penalty notice is to encourage a company that’s not meeting its lodgement and/or payment obligations to deal with it promptly.

So, if your company isn’t meeting its obligations, and you want to avoid a director penalty notice, deal with your company’s situation before the ATO forces you to.

What do I do if i receive a Directors Penalty Notice?(DPN)

You have 21 days to take action from the date of the DPN before the ATO can/may take action against you to recover the penalty amount.

If you're unable to pay your debt with the ATO it's important you act swiftly and either reach out to your lawyer, or our qualified team of financial professionals at Revive Financial

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How Can We Assist You Today?

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Personal Debt Icon Personal
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Unsecured Debt Amount

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$1,000
$100,000+

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Business Debt Amount

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$1,000,000+

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