Client success story | Real Estate
Table of Contents
Keeping the agency in business
Situation
A family-owned real estate agency in Queensland was referred to us by their long-term accountant, owing $512,000 to the tax office.
The ATO had already referred this to their firmer action team for legal recovery, and the clients were suffering from very poor health as a result of stress around their situation.
Solution
Firstly, Tax Assure negotiated a 6-month holding arrangement which halted legal action. This gave the client and their advisors time to organise the sale of the company.
This sale part-funded the debt repayment, and the remaining debt liability (including additional debt accrued during the sale process) passed to the new business owner.
Tax Assure was then retained by the new owner, and negotiated a long-term payment plan with the ATO which allowed him to successfully transition into the business as a going concern, and to ensure he was able to meet his tax obligations to the ATO over time.
Following a period of positive compliance, Tax Assure applied for, and successfully achieved, a full remission (refund) of over $190,000 in accrued interest and penalties. This complex matter was actually resolved within four months of Tax Assure taking the referral. Both the clients (and their various accountants and advisors) were delighted with this outcome.
Tax Assure often works as part of a “virtual team” with clients’ accountants and/or advisors; we love to deliver the best possible outcome for all.
