Owner To Owner Podcast Olga Koskie from Tax Assure on how Australian business owners can tackle their ATO tax debt
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."
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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.ownertoownerpodcast.com.au