The ATO has taken virtually no recovery action to collect tax debts since the start of the Covid-19 pandemic. This has led to many businesses simply racking up more debt.
It is clear that many people deferring loan repayments are not in a position to continue with mortgage repayments when the deferral period ends.
So, what can you do if you worry that you may not be able to continue with mortgage repayments?
Our success story tells of a client we helped negotiate an ATO Payment Arrangement for, in order for them to avoid liquidation.
The ability to issue a Garnishee Notice to a tax payer’s bank or employer is just one of the many powers available to the ATO to try and recover debts owed. A Garnishee Notice will ordinarily be issued to a tax payer’s bank for the payment of all (or a set percentage) of funds held… Read more »
Submitting outstanding ATO lodgements in the belief that it will reduce exposure for your business may have the reverse effect. Find out what you can do here..