Tax debts owed by Australian businesses and individuals has been slowly increasing since the end of the Global Financial Crisis. The ATO’s figures show that collectable tax debt has now reached $23.7 billion, up from $19.2 billion in the 2016 financial year. The majority of this debt is owed by small businesses. There is also […]Read more
At the moment the only recourse the ATO has if a company fails to pay GST is to take recovery action against the company. This might include issuing a Garnishee Notice or taking action to liquidate the company. However, in February 2019 the Federal Government introduced legislation to make GST subject to director penalty provisions. The intention […]Read more
We often get asked by company directors and accountants how does the ATO apply payments it receives and can the ATO be directed to apply payments in a certain manner. This is because it can be very important how the ATO applies payments which it receives. The application of payments becomes important where a company cannot pay its entire tax debt and is partially paying its debt or paying an amount via a payment arrangement.Read more
If you have a tax debt , you should urgently obtain professional advice and assistance. This will help you avoid ATO recovery action.
We can assist you deal with your tax debt problems. So, please call us for an initial no obligation free consultation.