Tax debt in Australia is on the rise, with significant implications for businesses and individuals alike. As reported by ABC News in March, total collectable debt owed to the ATO soared to $52.4 billion by December 31, 2023, doubling from $26.4 billion in 2019. Small businesses shoulder a substantial burden, accounting for $34.1 billion, or 65% of this debt.
The ATO’s intensified recovery efforts against small businesses and pursuit of old tax debts add further pressure and risk to taxpayers.
If you’re grappling with tax debt, taking proactive steps is crucial:
➡︎ Understand Your Situation: Gain clarity on your tax liabilities and seek expert advice to navigate your options.
➡︎ Assess Financial Viability: Evaluate if your current cash flow and business model can sustain the debt, or if restructuring is necessary. Explore negotiation possibilities or potential discounts.
➡︎ Seek Professional Support: Tax debt resolution is intricate. Partner with specialists like Finselect Group who offer tailored solutions and support.
Don’t face tax debt alone. Contact us for a confidential consultation to address your tax challenges effectively.
𝑫𝒊𝒔𝒄𝒍𝒂𝒊𝒎𝒆𝒓: 𝑻𝒉𝒆 𝒄𝒐𝒏𝒕𝒆𝒏𝒕 𝒔𝒉𝒂𝒓𝒆𝒅 𝒊𝒔 𝒇𝒐𝒓 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝒑𝒖𝒓𝒑𝒐𝒔𝒆𝒔 𝒐𝒏𝒍𝒚 𝒂𝒏𝒅 𝒔𝒉𝒐𝒖𝒍𝒅 𝒏𝒐𝒕 𝒃𝒆 𝒄𝒐𝒏𝒔𝒊𝒅𝒆𝒓𝒆𝒅 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒂𝒅𝒗𝒊𝒄𝒆. 𝑨𝒍𝒘𝒂𝒚𝒔 𝒄𝒐𝒏𝒔𝒖𝒍𝒕 𝒘𝒊𝒕𝒉 𝒂 𝒒𝒖𝒂𝒍𝒊𝒇𝒊𝒆𝒅 𝒑𝒓𝒐𝒇𝒆𝒔𝒔𝒊𝒐𝒏𝒂𝒍 𝒃𝒆𝒇𝒐𝒓𝒆 𝒎𝒂𝒌𝒊𝒏𝒈 𝒊𝒏𝒗𝒆𝒔𝒕𝒎𝒆𝒏𝒕 𝒅𝒆𝒄𝒊𝒔𝒊𝒐𝒏𝒔.
