ATO Gets Tough
The Australian Taxation Office has announced that it is going to get serious in relation to outstanding debts. At present they are owed a staggering $20bn.
They will be intervening earlier to seek recovery of debt. They plan to assess the viability of your business, and if they have to they will make you bankrupt of out your company into liquidation.
At present the ATO don't initiate bankruptcy until your debt reaches $300,000. This compares to other creditors who will commence proceedings when a debt reaches $35,000.
In relation to company liquidations they won't commence proceedings until a debt reaches $340,000, compared to other creditors of $93,000.
With outstanding core ATO debt climbing it looks as though they are about to get tough. Just remember GST & PAYG Withholding are not your money.
So if you owe the Australian Taxation Office money...best to speak to us and enter into a payment plan and stick to it. Particularly if you want to stay in business.
Call us today on 03 5995 3466.