Does owing the ATO affect your credit score?
January 11, 2024Can you pay tax by instalments?
February 9, 2024Yes, 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 a specific amount or percentage as conditioned by the court. 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 & certainly an indication of your business in danger of closing.