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There is grim news for company owners who have an ATO debt as of 1 July 2017. Small businesses must be careful of ATO Bankruptcy since the ATO may divulge details of your tax debts to credit reporting agencies like Dun & Bradstreet and Veda Advantage. This will make it a lot more arduous for small businesses to attain credit, possibly paralysing them. How could this have a bearing on you? You may be affected if you fit into one of the following three categories:

  1. Have an ABN (i.e. you own a business and/or you are a contractor);.
  2. Have debts with the ATO that are in excess of $10,000 and are more than 90 days overdue; and.
  3. You are not in any kind of payment arrangement with the ATO.

Just so you understand, the ATO must first inform you before they disclose your debt details to any credit agency.

If your ATO debts seem to become unmanageable and you don’t want your credit rating hurt then you have at least one viable option: Set up a payment arrangement with the ATO. This may protect you from ATO Bankruptcy.

Conversely, if you sense there is simply no hope or the ATO is threatening litigation against you as a result of your unpaid ATO debts, then bankruptcy may be a sensible option for you. If you want to know more about how to get out from under the debilitating burden of business or personal debts, just give us a call here at Bankruptcy Experts Gladstone on 1300 795 575 or visit our website for more details: