15 May Tax Debt Resources Roundup: Demystifying ATO Debt
At Tax Assure, we are dedicated to providing support to Australian businesses navigating tax debt challenges. The mission is clear: to offer expert guidance and tailored solutions to help businesses overcome financial obstacles and thrive in the face of tax debt.
Olga, one of the directors at Tax Assure, has a personal passion for helping small businesses. In addition to her role within the company, Olga wants to use her skills to aid all women in business. With over 10 years of experience running her own businesses, she intimately understands the juggling act faced by many—balancing kids, business operations, and the complexities of life. Olga shares in this journey with countless others and stands ready to offer support and guidance every step of the way.
Together with the Tax Assure team, our commitment remains unwavering in alleviating the stress and uncertainty surrounding tax debt for businesses across various industries. With expertise and dedication, we aim to empower businesses to regain control of their finances and achieve favourable outcomes.
Here, we have curated a selection of resources to demystify tax debt. Whether it’s understanding how to take the first step, navigating the ATO’s debt recovery processes, or managing tax debt when it arises, these resources are designed to provide clarity and guidance in navigating tax challenges.
The State of Tax Debt in Australia
The ATO has been ramping up its debt recovery game lately, and with economic conditions getting tougher, it’s hitting many businesses hard. This article reinforces that rising operating costs and a slowdown in consumer spending are adding additional pressures. But, here’s the thing: in the face of these challenges, businesses must stay on top of ATO debt. Here more on the current state of Tax Debt here.
How the ATO recovers Debt
In this recent video from Olga koskie and co-director at Tax Assure, Michael Moon we breakdown the many ways in which the ATO recovers debt. There are 4 notices that they will provide a business when trying to recover tax debt and we break them down here so you can understand what to expect..
Ways to Deal with the Stress that can come with Tax Debt
We deal only in the areas of Tax Debt so we know how stressful this can be for our clients. Last month we delved into the ways that financial stress and shame can lead to strains on our health. Recently we spoke with Michael Partis Assure Global Plus provides national debt recovery for Australian businesses. Here we discuss the physiological effects that debt can have on people and that it can often result in disconnecting from debt.
When Tax Debt is Unmanageable
Did you know that as soon as your tax debt is unmanageable we need to keep lines of communication open which can help ease the pressure. It is good to note that the ATO treats all debts equally. Whether it’s core debt or general interest charges (GIC), the ATO does not differentiate between them. If either type of debt remains outstanding and is not included in a payment plan, the client is at risk of facing further enforcement action.
If your tax debt feels unmanageable, remember that you’re not alone. Reach out to us for personalised assistance tailored to your specific situation. Our experienced team is here to guide you through the process and help you achieve favourable outcomes.
No Comments