The Australian Tax Office is now very active in recovering $52B owed by Australian businesses. In this episode Olga Koskie from Tax Assure outlines the steps business owners need to take now to get on top of their outstanding ATO debt, before they lose control and suffer the very dramatic consequences of not taking action.

Show Notes

Olga Koskie from Tax Assure updates us on the ATO's plan to recover outstanding tax  debts owed by Australian businesses.

Post covid19 the ATO is now actively chasing $52B in outstanding business tax debt. 

"The ATO has had a huge public shift and an internal shift that they're back to an active collection mode."

If you're carrying ATO debt (that's been around longer than the last few months) and have treated them as a financier over recent years you're likely now in the firing line to be chased down 

The consequences of not actively managing this debt down, in conjunction with the ATO, are dramatic e.g. Director Penalty Notices, garnishing of bank accounts, statutory demands, and even bankruptcy. 

In this episode Olga talks about;

  • the importance of taking proactive action
  • the next steps you need to take
  • who you can engage to help
  • the  and seeking help to address the debt
  • the need for business owners to understand their cash flow and work with specialists to develop tailored payment plans that are sustainable and match their financial situation
  • Olga also encourages business owners to be kind to themselves and not feel ashamed or embarrassed about their debt.

"If you don't do anything, they won't put you on a payment plan. They will initiate recovery action against you."

Michael Kerr

Kerr Capital


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Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

 

michael.kerr@kerrcapital.com.au

 

www.smallbusinessbanter.com.au

 

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