Does owing the ATO affect your credit score?January 11, 2024
Can you pay tax by installments?February 9, 2024
Yes, the ATO can issued you with a garnishee notice on your bank account. However, this must be granted by a court of law.
Consequently, the garnishee order would demand payment in a specified period of time. Otherwise, it could result in funds being drawn, accounts frozen and your trading accounts suspended. Certainly, this is a late stage collection of tax debt, whereas you would certainly be very close to your business being wound up.