No matter where you are in the tax debt trap, we can help.
A Few Issues
She’ll be right
This is Early Stage Tax Debt. You may have missed one or two BAS or PAYG payments and are hoping to catch up. You could be looking into setting up a payment plan thinking, 'she’ll be right I don’t really have a problem'.
It is worse than you first thought, and you are looking at all the options to get the tax debt down and keep your business going. This is now on your mind every day.
It has now got the to the stage where you don’t see a way out and are looking at what you can do to save your own assets. It is really affecting your life and you personally.
Did you know that if your business can’t pay its Tax Office debts, you can become personally bankrupt and lose all of the wealth you have built over the years, even if you operate through a company?
Being in business can be tough, and it can be so easy to quickly fall behind in your tax obligations.
With small businesses in Australia currently owing over $34 Billion in Tax Office debts, you’re not alone.
The odds are already stacked against you because it’s your responsibility to fund your employees’ retirements via superannuation and to collect the tax payable on employees’ wages via PAYG Withholding, as well as collect the GST on behalf of the Government.
Further, if you calculate your tax obligations incorrectly, or are even a day late in lodgement or payment, there can be significant penalties and interest levied against you.
Tax Debt Collection is becoming more aggressive.
Now that the Government’s JobKeeper and Cashflow Boost assistance schemes have finished, there has been a dramatic increase in both Tax Office audit activity and also debt collection, in an effort to recoup some of what was spent during Covid.
While tax debt is the worst kind of debt to have there is a solution to every problem. As one of only a handful of Tax Debt Specialist we can help you reduce and eliminate your tax debt and then work with you so you never fall into that situation again.
You have had two quarters or more where you haven’t been able to pay your BAS on time and in full.
You have gone to your accountant to discuss a tax debt issue and they have simply organised a payment arrangement for you.
You have had a payment arrangement which has defaulted because you haven't been able to keep up your repayments.
You are feeling stressed about your tax debt.
Reduce your STRESS and Eliminate TAX DEBT TODAY
Free yourself from the burden of tax debt and call for a review of your Tax Debt position where we look at the causes and solutions specific to you and how to get started today.
In my 30 plus years as an accountant to small businesses, I’ve seen way too many lives fall apart because of tax debt. I’ve seen marriages split and people fall victim to depression due to the financial strain of running a small business and owing money to the Tax Office.
Tax Debt Busters was born out of my increasing alarm at the level of Tax Office debt owed by small businesses in Australia and the lack of assistance being provided to them by their accountant.
