Is the tax debt holiday over?

Mark Hutchins

Mark Hutchins

Director - Secured Lending

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.

Check out our Second Mortgage product if you require any more information, or alternatively, contact us at 1300 795 175 or email info@securedlending.com.au

tax debt

Secured Lending

FAST FUNDING SOLUTIONS

Secured Lending focuses on non-conforming, short term funding solutions with incredibly quick turnaround times. So why Secured Lending?
  • We have our own internal property valuation team.
  • We can settle caveats, 1st and 2nd mortgage loans within 24 hours up to $45m.
  • We pride ourselves on being transparent and honest in our approach, always aiming to have an initial assessment back to you in a few hour

Our rates start at 9.95% p.a. with loan terms from 1 – 24 months.

 If you have a scenario to discuss, please call us on 1300 795 175.
TOPICS
Scroll to Top