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Tax Assure's Michael Moon & My Accounts' Noel Tiufino had a virtual meetup to talk about the current climate for Aussie businesses, and specifically about what is happening in the ATO debt space - Why do bookkeepers and accountants need to refer work to ATO debt negotiators? Can't accountants simply deal with ATO issues the same way as they would any other problems? In this discussion Michael & Noel talk about the importance of being financially organised, how cashflow management is critical for businesses, and why Tax Assure's ATO negotiation service is becoming more necessary than ever for Aussie businesses. ------------ About Noel Tiufino: Noel is the Managing Partner of My Accounts and has lead the company since 2007, growing an amazing team. He believes in the best of people and their businesses and loves helping them achieve their goals. Noel has a passion for technology in the accounting industry and for combining this with the best hands and minds to achieve the best outcomes for My Accounts' clients. https://www.myaccounts.com.au/ Ph. 1300 784122 -------------------------------- If you or your business is struggling under the burden of tax debt, drop us a line at: hello@taxassure.com.au ph. 1300 952 295 https://www.taxassure.com.au -------------------------------- #ATO #bookkeeping #taxdebt Disclaimer: The information provided in this video is for general informational purposes only and does not constitute professional advice. While we make every effort to ensure the accuracy and relevance of the content, it should not be relied upon as a substitute for consultation with qualified professionals, including legal, financial, or tax advisors. Each business situation is unique, and we recommend seeking tailored advice that considers your specific circumstances before making any decisions regarding tax debts, insolvency, or related matters. Tax Assure and its authors disclaim any liability for actions taken or not taken based on the content of this video. Chapter: 00:00 - Intro to Noel Tiufino & My Accounts 02:41 - Getting business financials in order is critical for many business advisors 04:34 - Tax Assure sees many businesses that have not prepared for any financial analysis 07:25 - Both speed & accuracy are important when getting an ATO payment plan 10:43 - Cashflow issues cause most Aussie business failures 12:00 - Does Tax Assure have a separate line to the ATO? 15:47 - Business require certainty - worrying over the unknown can cause failure 17:03 - Working with ATO pros like Tax Assure has become more of a necessity in 2025 18:45 - What's next for My Accounts?
Controlling cashflow issues & getting an ATO payment plan that works | Michael Moon & Noel Tiufino
Tax Assure's Michael Moon & balance my books' David Lopez got together for a discussion about how ATO debt is affecting Australian business. In this short clip from the conversation, Michael & David discuss how the ATO treats debts of different scales. About David Lopez: With over 20 years of experience in dynamic markets across local and international arenas, David excels in enhancing business profitability and performance. David holds a Bachelor of Business in Accounting and is a Certified Practicing Accountant (CPA). His passion lies in guiding clients to capitalise on growth opportunities and achieve their business objectives. Speacialising in the construction and manufacturing sectors, David brings a deep understanding of the challenges and opportunities faced by family-operated small to medium-sized enterprises (SMEs). He leverages his expertise to drive efficiencies, implement advanced technologies, and establish robust financial controls and methodologies. https://balancemybooks.com.au/about-us/# -------------------------------- If you or your business is struggling under the burden of tax debt, drop us a line at: hello@taxassure.com.au ph. 1300 952 295 https://www.taxassure.com.au -------------------------------- #ATO #taxcompliance #taxdebt Disclaimer: The information provided in this video is for general informational purposes only and does not constitute professional advice. While we make every effort to ensure the accuracy and relevance of the content, it should not be relied upon as a substitute for consultation with qualified professionals, including legal, financial, or tax advisors. Each business situation is unique, and we recommend seeking tailored advice that considers your specific circumstances before making any decisions regarding tax debts, insolvency, or related matters. Tax Assure and its authors disclaim any liability for actions taken or not taken based on the content of this video. Chapter: 00:00 - How does the ATO treat extremely large debts? 02:28 - Phoenixing in the construction industry - how the ATO are taking it on 03:52 - There are ways to approach forms of phoenixing legally 05:56 - ATO and other creditors need to get paid
How the ATO treat large debts & how they approach phoenixing | Michael Moon & David Lopez
Tax Assure's Olga Koskie recently sat down with Shane Deane from DyeCo Insolvency & Turnaround to chat about tax debt, DPNs (Director Penalty Notices) & SBRs (Small Business Restructures) and changes to the GIC (General Interest Charges) that the ATO will be implementing from 1st July 2025. Shane & Olga take a deeper look at how expired Director Penalty Notices work under an SBR, what personal liability remains when ATO debts are settled, and a case in which it was possible for a client to minimise penalties and interest when a superannuation default was involved in their ATO default, changes to GIC write-offs coming into effect from July 1 2025, and how getting into a manageable payment plan can save stress for business owners. As always, the best solutions for individuals with tax debts are tailored for them - In a majority of situations, TAx Assure is able to get clients into a optimised payment plan, but when the have other restrictions or requirements, we are able to refer them to other companies in our extensive network. -------------------------------- If you or your business is struggling under the burden of tax debt, drop us a line at: hello@taxassure.com.au ph. 1300 952 295 www.taxassure.com.au -------------------------------- Find out more about Dye & Co Solvency and Turnaround at: solutions@dyeco.com.au ph. 03 9818 8800 https://dyeco.com.au/ -------------------------------- #DirectorPenaltyNotice #ATOdebt #SmallBusinessRestructure Disclaimer: The information provided in this video is for general informational purposes only and does not constitute professional advice. While we make every effort to ensure the accuracy and relevance of the content, it should not be relied upon as a substitute for consultation with qualified professionals, including legal, financial, or tax advisors. Each business situation is unique, and we recommend seeking tailored advice that considers your specific circumstances before making any decisions regarding tax debts, insolvency, or related matters. Tax Assure and its authors disclaim any liability for actions taken or not taken based on the content of this video. Chapters 00:00 - Intro to Shane Deane 01:02 - SBR vs payment plans 01:39 - What is a Small Business Restructure? 04:00 - Expired Director Penalty Notices and liability 05:35 - Case study: Super debts and expired DPNs effect on SBRs 06:55 - An SBR is an act of insolvency and has licensing repercussions 09:24 - Director Loans and other SBR issues 12:40 - SBRs are second only to liquidations as appointments 13:20 - If a debt is more than $1million an SBR will not be possible 15:55 - GIC rule changes - tax interest deductibility rule updates 16:45 - Will the GIC rule changes affect the way business owners act? 18:05 - Orange & Red ATO notices - changes to how the ATO approaches debts 18:45 - Tips for people with late lodgements & Director Penalty Notices 21:30 - How past compliance affects ATO payment plans 22:07 - Negotiating plans for those with DPNs 25:10 - Taking the first step to fixing ATO debt is critical 27:40 - Outro
ATO debt, payment plans, SBRs vs insolvency, and GIC changes | Olga Koskie & Shane Deane
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