I have a Tax Debt to the ATO, can I set up a payment plan?April 23, 2020
Will ATO bankrupt me?April 23, 2020
There are several reasons a tax debt can occur, which we have found tend to fall into the categories below:
- Firstly, misunderstanding of your tax obligations. We see this is mostly the case with small businesses where the business owner didn’t understand all the taxes needed to be paid. Such as, misunderstanding of personal income tax, business income tax, GST, PAYG instalments and superannuation owed.
- Secondly, your business uses ATO payments for working capital.
- Indeed, illness or death in the family.
- Marital issues.
- Accountant issues.
- Bookkeeping issues.
- Finally, reduced business cashflow causing problems.