Stop ignoring your Tax Debt and eat the frog | Tax Assure
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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 about doing the thing you least want to do, and tackling it up-front, before anything else.
There are some serious consequences of unresolved tax debt, so it’s important to understand these, and seek help to find solutions before the consequences catch up with you.
Ignoring your debt can lead to the ATO imposing further penalties and interest on your outstanding debt. By tackling it quickly, you can avoid further financial burden.
Legal action may be taken against you to recover the debt, and your credit rating can be negatively impacted, affecting your ability for future loans. There are also risks to your future business ambitions as unresolved debt can damage your business’ reputation and your ability to obtain an ABN, GST registration or other licenses.
Further consequences can include the issuing of an ATO garnishee notice – directing your employer or financial institution to pay your money directly to the ATO. You may also face restrictions in accessing certain government programs or benefits and increased scrutiny, including audits and other investigations.
Something we see all too commonly is that business tax debt can have a profound impact on your mental health, your family relationships and overall well-being. Often the overwhelm means that you can see no path out – that things are too complicated or ingrained to change.
Here at Tax Assure, we have experience in helping so many people in the face of ATO debt, so we know the relief this can bring. It’s essential to engage in specialised support to help you. Our experience enables us to gain clarity over your situation and tailor a plan to address your debt. We are relentless in our advocacy efforts to ensure the best outcome for your situation.
In short, we are here to help you eat the frog!
Contact us today for a confidential and obligation free consultation.
If you have a tax debt concern please get in touch. We are here to help.
If you would like to explore whether a payment plan could form part of your tax debt solution, reach out to one of our team for a confidential and obligation free consultation.
Contact us today for a better financial future.
