The Australian Taxation Office (ATO) does not have the authority to directly make a person bankrupt. However, the ATO can initiate bankruptcy proceedings against a taxpayer if they have outstanding tax debts that have not been paid or resolved. The process typically involves: Firstly; the ATO commencing legal proceedings against an individual taxpayer for an […]
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If you have a tax debt which you cannot pay, one option to deal with the debt can be to put forward a proposal for a Personal Insolvency Agreement. A Personal Insolvency Agreement is a binding agreement with your creditors to compromise your debts. To propose a Personal Insolvency Agreement, you have to appoint a […]
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Debts owed to the ATO saw a huge increase over the COVID-19 pandemic due to inactivity by the ATO in terms of recovery actions. Many expected that it would continue its upward trajectory in 2021 and 2022. The recent annual report released by the ATO confirms this. The total tax debts owed to the ATO […]
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