Wondering how to tackle this financial challenge and its potential impact on your business? You’re not alone; many business owners have shared similar concerns. Our goal is to assist you in managing and resolving ATO debt-related issues effectively.
As the Australian Taxation Office (ATO) sharpens its focus on debt recovery, directors find themselves navigating a minefield of obligations and penalties.
Solving the right problems at the right time can be the difference between a business surviving or failing.
Our team is made up of individuals who have held directorial position.
AVA excels in conducting thorough financial assessments.
AVA places a strong emphasis on transparent communication and stakeholder empowerment.
ATO debt refers to the money your business owes to the Australian Taxation Office (ATO). It may arise from unpaid taxes (BAS lodged Quarterly), Pay as you go (PAYG) withholding of taxes on income payments to employees, Superannuation ( ‘super’), or other financial commitments to the ATO. If you don’t pay on time, the ATO will automatically add a general interest charge (GIC) to what you owe. Your debt will grow each day your debt remains unpaid. Interest calculates on a daily compounding basis on the amount outstanding and is added to your account periodically.
Designed to save or sell a company with a viable business.
Creditor’s Voluntary Liquidation (CVL) is the most commonly used type of liquidation.
An SBR offers a straightforward avenue within the corporations law for companies to revamp their debt structure.
An SBR offers a straightforward avenue within the corporations law for companies to revamp their debt structure.
> Garnishee notice: the ATO can issue a garnishee notice to recover unpaid tax debts. A garnishee notice is a legal notice that allows the ATO to recover tax debts from a third party who holds money for or owes money to the taxpayer.
> Small Business Restructure: A Director Penalty Notice (DPN) is a powerful debt recovery enforcement tool available to the ATO to compel a business’s compliance with its tax obligations.
> Bankruptcy notice: The ATO will issue a bankruptcy notice, requiring you to pay your debt or make a payment plan within 21 days. If you’re unable to do this, the ATO may file a creditor’s petition to make you bankrupt.
> Creditor’s petition: A creditor’s petition is essentially an application to the Federal Court or Federal Magistrates Court for a sequestration order to declare you bankrupt.
>Statutory demand: The ATO can issue a statutory demand for payment to a company that has not paid its debts. This requires the company to pay the entire debt or enter into a payment plan with us within 21 days.
>Wind-up action: When a court orders a company to wind up, an appointed official liquidator sells the company’s assets and distributes the resulting funds to the company’s creditors.
Whether it’s due to unexpected challenges, market fluctuations, or other factors, many businesses encounter periods of financial strain. AVA Advisory specialises in supporting businesses like yours through these tough times. We offer strategic insights, financial expertise, and a pathway to overcome business debt challenges, putting you back on the road to success.
AVA Advisory provides clear guidance on Directors Penalty Notice’s and resolution strategies tailored to your situation. With the right advice, directors can avoid personal liability and find the best path forward. Seek expert advice on your Directors’ Duties and options if you think your debts are becoming increasingly harder to manage.
Connect with AVA Advisory today for a lifeline. Let’s work together to calm the financial storm of uncertainty around ATO debt and set sail towards a brighter future for you and your business. Don’t delay – let us help you get through it all, not just for your sake – but also for those you care about the most. Book an obligation-free, cost-free consultation or call 1300 181 220 to discuss your options in confidence.
Now, Let’s Start Mapping Your Path to Financial Freedom.
Don’t wait – the earlier we start, the more debt relief options will be available. Contact us today on 1300 181 220 for an obligation-free, cost-free consultation. Share details of your situation and concerns in confidence.
With expertise on your side helping analyse business debt relief options, ATO debt advice, and negotiate agreements, you can look forward again. Clarity, relief, and a brighter future for you and your business are only a few steps away – fill out the form below for your free consultation.
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