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Tax Debt

Do you have an overwhelming tax debt?

Revive Financial specialises in helping business owners who are struggling to meet their obligations to the Australian Taxation Office (ATO). This includes tax and superannuation obligations which the ATO is responsible for.

We can help you with:

  • Outstanding ATO lodgements, or if you have a tax or superannuation debt you can’t pay,
  • How to avoid ATO legal action which could shut down your business, and
  • Options if the ATO doesn’t accept your proposal for a payment plan.

Our Approach to Dealing with the ATO

If your company has an ATO debt, it needs to be on a payment plan. If it’s not, the ATO will take steps to recover their debt which could lead to your company closing or you being personally liable for your company’s debts. If you can’t get a payment plan, then your company may be insolvent. Even if it is, there are options for you to get your ATO debts under control and ensure your company survives. Seeking help early is the key to good outcomes.

Action the ATO Will Take if You Have Outstanding Lodgements

If you don’t comply with your tax and superannuation lodgement obligations, the ATO can:

  • Make estimates of your debts which it can treat as the actual debt,
  • Carry out a tax or superannuation audit to calculate the amount of the debt, and
  • Apply to the court to have fines imposed on the company.

Our experts can talk you through your situation and provide detailed advice.
Get in touch for a free consultation today.

ATO Recovery Action for Unpaid Debts

If you have a tax or superannuation debt which you cannot pay, the ATO will issue one or more of the following:

Garnishee Notice

A Garnishee Notice goes straight to your bank or customer requiring payment of your bank balance, or money owed to you, to the ATO.

Director Penalty Notice and Personal Liability

The ATO can issue a Director Penalty Notice (DPN) to a company director which makes them personally liable for their company’s PAYG and superannuation debts. If the company can’t pay the debt, at best the director has 21 days to place their company in administration or liquidation to avoid personal availability. At worst, the director is automatically liable for their company’s debts. The key to avoiding liability is ensuring your company’s tax and superannuation lodgements are submitted on or near their due dates, even if the debts can’t be paid.

Creditor’s Statutory Demand and Winding Up Notice

If the ATO issues a creditor’s statutory demand to your company, you have 21 days to pay the debt. If the debt is not paid, or a payment arrangement is not entered into when the demand expires, your company is presumed insolvent. The ATO can then file a court application to wind up your company and have a liquidator appointed.

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