The Best Ways To Negotiate Tax Debt

There are two things you should do if you have a tax debt and that’s talk to the trusted experts in how to negotiate tax debt and to do it as soon as you can.

Tax debt doesn’t wait and it won’t get better by delaying the fact that you need to deal with it. In many cases, you could be making the matter worse by putting things off.

It is perfectly understandable to find owing a tax debt an overwhelming situation, especially if you have other issues to deal with. We know how you feel because we look after a wide range of different clients from diverse industries giving us a wealth of experience you can rely on.

Why debt can be taxing

Often a tax debt is not a direct result of trying to avoid paying tax but rather because your tax issues have been put off or forgotten because of serious issues with your business or in your personal life.

The problem is that your tax debt is not an issue that is stagnant and can be dealt with when you find the time.

The time to deal with your ATO debt is now. The ramifications for inaction can be drastic.

If you are a company director, it is your responsibility to ensure that your company meets its all ATO obligations.

The ATO can take action to recover any outstanding debt from you personally if your company does not meet the tax obligations by their due dates.

Since the beginning of the new financial year, the ATO has recommenced action to recover any debts on hold.

A tax debt scenario can seem all doom and gloom, but it is often not as bleak a picture as it may appear. With the skilled assistance of specialists, that debt can be expertly handled and you will have a clearer understanding of the exact amount you owe and how it can be repaid.

Handling your tax debt in action

The critical point about dealing with a tax debt is to be active in resolving the issues involved with that debt.

Despite the perception, the ATO is not intent on harassing or hounding people who have an outstanding debt. Quite to the contrary, the ATO is only looking for engagement on how that debt can be paid.

The ATO Deputy Commissioner, Vivek Chaudhary recently confirmed that the preferred approach of the ATO is to “always to work with taxpayers to resolve their situation through engagement rather than enforcement”.

There is a range of support and assistance that can be provided and a solution can be tailored to a taxpayer’s unique circumstances. There was a special note to emphasise how critical it is that “taxpayers or their representatives talk to us”.

When it comes to dealing with the ATO, it can be a time consuming and complicated process for individuals. The added question is ‘Is this the best use of your time?’

The answer is that it pays to enlist the help of tax debt experts who negotiate tax debt on a daily basis. One step is formulating and instituting a tax debt payment plan to manage that ATO debt.

How tax debt specialists can help

Dealing with a tax debt takes time and a special step-by-step approach.

You can have a team who know all the ins and outs of how to manage that tax debt with effectiveness and efficiency.

Whether you have a business tax debt or individual ATO debt, the experts at Tax Assure are here for you.

We are dedicated to helping take the worry and stress out of the equation and getting you the best possible outcome.

There is no better time to deal with your tax debt than right now.

Contact us today for a better financial future.