Do you have a tax debt of more than $10,000 with the ATO? Has it been overdue for more than 90 days? Are you ignoring it or putting it in the too hard basket? Well, if draft legislation is approved, it may affect your credit rating.
The Government has released draft legislation advising that it will authorise the ATO to disclose business tax debts to credit agencies in an attempt to increase taxpayers ‘engagement’ with the ATO in order to make payment arrangements. This will mean that unpaid tax debts will affect your credit worthiness, making it more difficult to obtain finance.
If you are having cashflow difficulties, please speak to us before it gets out of control. We can assist you with creating cashflows and budgets, and liaising with the ATO on your behalf to set up payment arrangements.