Chat with us, powered by LiveChat
skip to Main Content
1800 861 247
1800 534 534

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.

Learn More

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.

Learn More

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.

Learn More

Success Story

Chris owns a family glass company that had been struggling due to increased local competition.

Because of the drop in business, it has been hard to maintain enough cash flow to maintain day to day operations. As a way to access more cash, he had been treating the ATO as a bank, using GST paid by clients instead of holding it back to pay as part of his BAS.

Chris knew this wasn’t a great solution but feeling backed in a corner, it seemed like a quick fix until the ATO debts started mounting.

Our Solution

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 go short or lose the business. He sought 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

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.

You're In Safe Hands

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.

Finance 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.

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 your control, no judgement, just a helping hand.

Our Customers Love Us

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.

By submitting this form you acknowledge that you have read and accept our Privacy Policy

Thank you for downloading our eBook. A copy has also been emailed to the address provided.

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

Related Articles

How Can We Assist You Today?

Business
Personal
Please select an assistance option to continue.

Types Of Unsecured Debts

Credit/Store Cards
Personal Loan
Pay Day Loan
Tax Debt
Utility Bill
Other
Please select at least one type of unsecured debt.

Your Business Structure

Sole Trader
Partnership
Pty Ltd Company
Trust
Please select at business structure to continue.

Unsecured Debt Amount

$10,000
$1,000
$100,000+

Business Debt Amount

$100,000
$10,000
$1,000,000+

Take Back Control Today!

First Name

Last Name

Email

Phone Number

Phone number must be 10-digits long and begin with a 0. (e.g. 04 1234 5678)

Post Code

Post code must be 4-digits long (e.g. 4567)

Some of your details appear incorrect.
Please update the highlighted fields and re-submit.

Congratulations

You've taken the first step!

Let's keep the momentum going, take the second step now and review the viability of your business.

Congratulations

You've taken the first step to becoming debt free

Let's keep the momentum going, take the second step now and complete the assessment form.

By submitting this form you acknowledge that you have read and accept our Privacy Policy

Back To Top