ATO issued almost 19,000 director penalty notices in 2023
Do you owe the ATO overdue tax debt
The Australian Taxation Office certainly wasn’t lying when it warned it was cracking down on small business debt following the moratorium during the pandemic.
That’s after the ATO released new figures showing it issued almost 19,000 director penalty notices over the 2023 calendar year.
A DPN lets the ATO recover any outstanding tax due by:
- * Issuing garnishee notices (which allow the ATO to deduct money from bank accounts or wages)
- * Offsetting the amount payable under the DPN against tax credits
- * Starting legal proceedings in respect of the debt
So what should you do if you owe a significant tax debt to the ATO and can’t pay it?
Well, one option worth considering is refinancing your tax debt into your home loan. This can give you the breathing room you need to get your business back on track.
Direct Credit Home Loans ATO Tax Debt Refinance can help you do this.
Need help paying your outstanding taxes? Talk to us about a refinanced home loan to settle your tax debt. Call us on (07) 3726 1124 or email [email protected] to discuss your scenario directly with our credit team.
