ATO ramps up debt collection of overdue tax debt
The Australian Taxation Office might have paused its tax debt collection processes over the pandemic, but the gloves have now come off.
As a result, businesses with overdue tax debts of more than $100,000 may have their tax debt information reported to the credit reporting bureaus by the ATO – an outcome you naturally want to avoid.
The ATO may report your business tax debt if you meet the following criteria:
- You have an Australian business number (ABN) and are not an excluded entity.
- You have one or more tax debts and at least $100,000 is overdue by more than 90 days.
- You are not engaging with the ATO to manage your tax debt.
Learn more here – ATO website
Credit Reporting Bodies
CreditorWatch Pty Ltd
Equifax Australia Information Services and Solutions Pty Ltd
illion Australia Pty Ltd
ABN
80 144 644 244
26 000 602 862
95 006 399 677
CRBs that have signed a Deed of Agreement with the ATO
But what can you do if you have a tax debt and you can’t pay it? – Learn more here
Well, if you are a homeowner, you might be able to refinance and consolidate your tax debt into your mortgage.
Paying your ATO tax debt off in this way means you can take advantage of your home loan’s lower interest rate (when compared to many other forms of debt).
Now, while many mainstream banks won’t refinance tax debt, Direct Credit Home Loans (www.directcredit.com.au) will.
That’s because we like to say ‘yes’ when others say ‘no’.
Looking to refinance your ATO tax debt? Call us on (07) 3726 1124 or email [email protected] to discuss your scenario directly with our credit team.
