One of the most common businesses with financial problems we see are restaurant and hospitality businesses. This is because often they have high staff wage costs, high rent and their revenue can fluctuate based on various factors. This article looks at risks for directors of restaurant businesses with large tax (or really any type) of […]
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If you cannot pay your debts, one option is to go bankrupt. One of the effects of bankruptcy is that you do not have to pay most of your debts. But does this include all tax debts you owe? What happens to tax debts generally in bankruptcy Tax debts are treated like most other debts […]
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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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