Understanding The Effects of Insolvency for Companies & Directors with ATO Tax Debts
Did you know that the average tax debt owed to the Australian Tax Office (ATO) has nearly doubled in just a few years? The consequences of these debts can be severe, especially for directors who face personal liability under the ATO’s Director Penalty Notices (DPNs). When companies slide into insolvency, both the company and its directors confront […]
What to Do If You Receive an ATO Director Penalty Notice (DPN)
Receiving a Director Penalty Notice (DPN) from the Australian Taxation Office (ATO) is a stressful experience for business directors. A DPN makes directors personally liable for unpaid company debts, such as GST, PAYG withholding, and superannuation. It’s a serious issue, but there are steps you can take to protect yourself and resolve the debt before […]
Navigating ATO Debt: What Every Business Owner Needs to Know
In recent months, the Australian Taxation Office (ATO) has significantly increased its focus on recovering tax debts. For business owners across the country, this has created a new wave of stress, with many feeling unsure of how to manage their financial obligations or, worse, whether their businesses can survive. However, it’s essential to recognise that […]
Stop ignoring your Tax Debt and eat the frog | Tax Assure
Why You Should Eat the Frog! Having a tax debt is generally an overwhelming experience. Along with the financial strain, you are likely feeling confused and anxious about what may happen next. It’s understandable you may be tempted to avoid your debt – but please don’t! Metaphorically, it’s time to eat the frog! In short, eating the frog is […]
Women In Finance | Tax Assure
The annual Women in Finance Awards recognises and acknowledges the leading women in the Australian Finance Industry for their professional excellence and outstanding contributions.
ATO Corporate Plan – Everything You Need To Know
The ATO have recently released their 2023-24 Corporate Plan, and it clearly demonstrates they mean business. With $45 billion in unpaid business tax debt, and $30 billion of this owed by small business, the ATO are very clear in expressing the measures that will be taken to retrieve this debt and to work with businesses to prevent debt accumulating.
As the ATO keeps pace in times of change, their approaches are adapting and evolving to support business whilst serving as Australian Government’s principal revenue collection agency.
The Many Benefits Of A Tax Debt Payment Plan
There are many things that could go through your head and you may even feel like there is no clear path out of the situation.
ATO Active Debt Collection
Due to the debilitating impact of the COVID-19 pandemic in recent years, the Australian Taxation Office (ATO) postponed active tax debt collection to assist with cash flow as businesses rode the storm.
How to Manage ATO Tax Debt
In this excellent piece, Olga Koskie from Tax Assure is interviewed by one of our finance partners, Tarek Omar from Roystone Capital.
Can ATO tax debt be written off?
The short answer to this is NO. The ATO simply does not write off primary (core) debt. And they don’t do “deals” on primary debt.
Roadmap to Re-start: Your plan for when “on hold” becomes “due now”
Throughout Covid, the ATO has been our access point for stimulus payments, as well as deferrals and “on hold” arrangements… which have helped many businesses keep trading during this crisis.
ATO refunds: the time is now
I don’t tend to mention this at dinner parties, but one of my favourite subjects at the moment is Interest and Penalties on ATO debt. Stay with me… there’s more to get excited about here than you may think!
