The ATO is chasing outstanding tax debt
Over the last week we have been inundated with enquiries from businesses looking for quick access to funding to repay their outstanding tax debt.
From what we have been hearing, the beast has awaken from its slumber and the ATO is writing to all clients eligible to have their tax debts disclosed, to warn that they will be referred to credit reporting bureaus unless they take action.
Although many businesses are still recovering from the impact of COVID, they now face the prospect of having their credit record impacted or the director incurring personal liability for some unpaid ATO debt.
One of our Melbourne referrers reached out to us to assist a long-term client of theirs in this situation. Although they had successfully traded throughout COVID, they were unable to maintain their tax debts and were now facing potential wind up.
The two directors jointly owned the commercial suite they operated out of, and an investment property in Melbourne, VIC. By securing a second registered mortgage over both, Secured Lending were able to provide $500k to pay off the ATO debt and extra working capital.
At Secured Lending, our short-term loans are designed to provide relief in circumstances where funding is not immediately available from traditional sources of finance, such as banks and other institutions.
Keen to know more, check out how we have helped clients deal with Tax Debt.
- Consequences of Unpaid Tax Debt: Protect Your Business, Act Now!
- Take action on Tax Debt
- Credit Score Impact
- Director Penalty Notice