Will ATO bankrupt me?April 23, 2020
Can finance be obtained with bad credit?April 23, 2020
The ATO has several mandates under their taxation provisions. As a result, if you don’t pay tax or manage your obligations:
- Firstly, the ATO sees your business as causing a non-competitive environment of trade and will close your business.
- Secondly, closing or winding up your business moves the revenue to a competitor. As a result, taxes start coming in from that business.
- Thirdly, the ATO removes your business it brings competition back into your market space. i.e. the new business charges appropriately for services with consideration to the tax payable.
- Finally, the sale of assets using Business Liquidation and director bankruptcy forces the recovery of lost taxes.