Act now before it's too late!
It’s vitally important to keep your credit report as clean as possible so act now before the ATO report your debt to credit bureaus.
If you’ve received a letter from the ATO it’s important to act on it immediately so call us on 1300 310 469 and relax because we have you covered.
ATO Debt Recovery has recommenced…
The ATO have sent letters out to businesses that have a tax debt of $100,000.00 or more. This letter is the initial stage of the reporting process which warns that the ATO intent to disclose tax debt information to credit reporting bureaus if business owners do not make an effort to manage their debts within 28 days.
The ATO’s new powers come after the Government passed new reporting laws permitting the ATO to release unmanaged tax debt information of businesses to registered credit reporting bureaus (CRBs). The law received royal assent on 28 October 2019.
The implications to businesses that are reported to CRB’s will be damaging. Some of the effects will be:
- Difficulty in obtaining credit
- Damage to reputation amongst suppliers
- COD only accounts
- Overdrafts may be withdrawn
- High interest rate loans from private lenders may be the only option.
Tax debt information to credit reporting bureaus has not yet been disclosed so if you’ve received a letter, it’s important to engage immediately to avoid damage to your personal credit report.
We will help you to de-escalate, reduce debt and negotiate terms that you can sustain comfortably.