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 […]
Read moreThe ATO has largely put its recovery efforts on hold for the larger part of the Covid-19 pandemic. With businesses struggling to stay afloat even with JobKeeper, some business have been accruing tax debts which they cannot reasonable pay. As a result, the ATO has racked up $53 billion worth of unpaid taxes, up from […]
Read moreThe ATO can “write off” a tax debt if it decides that it is not commercially viable to pursue the debt. However, that doesn’t mean that the debt is gone forever and the ATO can re-raise the debt in the future. So why does this happen? ATO determines a debt is not viable to pursue […]
Read moreIf you have a tax debt , you should urgently obtain professional advice and assistance. This will help you avoid ATO recovery action.
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