Negotiate Tax Debt Business

As a bustling business owner, it’s all too easy to lose track of how much money you owe. If you’re struggling to adhere to your payment terms, or are starting to receive calls from the Australian Tax Office or debt collectors, it’s imperative to act promptly to prevent your situation from deteriorating. Debt negotiation is an effective strategy to meet your financial obligations at a manageable pace. Not only does this get your business back on track and keep your creditors happy, but it can also significantly alleviate your stress and worry.

At Tax Negotiators, our combined experience of over 50 years sets us apart in the industry. If you owe money to the ATO, don’t wait until it’s too late. With an unblemished record of service and positive testimonials, we are incredibly proud of our ability to help Australian businesses deal with their debt, regain control of their finances and thrive.

If business debt is keeping you up at night, don’t hesitate to contact our friendly team at Tax Negotiators here today!

Debt negotiation is the process of contacting creditors to arrange more manageable payment terms and/or amounts. This recovery strategy may be necessary if you’re struggling with cash flow issues, financial hardship, or more personal circumstances, such as experiencing a relationship breakdown, illness or temporary unemployment.

Before negotiations can commence, it’s essential to first determine the repayments you can afford. The most effective way to do this is by analysing your costs (both fixed and variable) against your income and formulating a budget. During this stage, there are a number of free resources available such as the National Debt Helpline, which offers advice on strategies to overcome business debt. In addition to this, you can be referred to a free financial counsellor.

To utilise the discreet and professional services of the free National Debt Helpline, visit their website here or phone 1800 007 007.

At Tax Negotiators, our thorough knowledge of the tax system and persuasive negotiation techniques make us leaders in tax debt negotiation. We can secure manageable payment plans for our clients, ensuring their debt is paid and they are freed from stressful debt collection calls.

Debt consolidation is another common strategy for navigating financial hardship, which involves reducing multiple debts into a single loan. It can not only drastically simplify repayments, but can often equate to a lower interest rate and reduced fees too. However, consolidation loans are often a secured debt, meaning that your personal assets (for example, cars or houses) may have to be offered as collateral against the loan. For this reason, it’s highly advisable to seek advice from the experts at Tax Negotiators before acquiring a debt consolidation loan.

The National Debt Helpline is also an excellent resource for free, initial advice from financial counsellors on key things to consider before obtaining a consolidation loan, including:

• comparing the total repayments on a new loan against your existing repayments
• the applicable fees and interest rates you will be required to pay
• the difference between secured and unsecured debts and how this affects your assets.

Negotiating is often the best solution when your business owes money, as it offers the ability to resolve your debt without the risk that comes with obtaining secured loans. If the money you or your company owe to existing creditors is unsecured debt, it’s often best to maintain that agreement.

The ATO is receptive to negotiating as they understand periods of financial hardship are common in business, and ultimately, they want to ensure they are paid. Maintaining an open and honest line of communication is the best way to secure a plan with payments you can afford.

Debt negotiation is not only accepted by the ATO but by other creditor providers too, including business suppliers, utility providers and lenders, making it an effective strategy for paying debts to both unsecured and secured creditors.

It’s paramount that you commence negotiations at the first sign of severe financial hardship. This helps to prevent legal action from being taken against you in the way of statutory demands, garnishee notices, Director Penalty Notices (DPN) or wind-up notices – all of which can cause personal insolvency or bankruptcy.

Debt negotiation is so effective because it gets to the root of financial problems. It requires businesses to carefully analyse their income, what they are currently paying and what they can actually afford to pay. As a result, it enables businesses to honestly pay back their debt at a manageable pace, which frees them from debt collectors and allows them to grow their savings so their business may make a full recovery.

Fundamentally, if you cannot afford to pay your tax debt, you certainly cannot afford to ignore it, as the ATO will only escalate their recovery techniques. Notices such as statutory demands, Director Penalty notices and garnishee orders can have profound legal implications for you and your business. The Tax Office will likely accept repayment plan requests if you maintain an open and honest line of communication.

Avoid the debt collector altogether and contact our friendly team at Tax Negotiators today!

Negotiating your debts is almost always a better option than declaring bankruptcy. It’s easy to understand why businesses under difficult financial circumstances consider bankruptcy; it appears to be a fast way of escaping the stress of being unable to meet repayments and clear your debts. However, declaring bankruptcy can have serious, long-term implications. Not only is it a time-consuming and extremely expensive process, but it can take years for this ‘black mark’ to disappear from your credit report. In this time, you may be unable to obtain loans from a bank or other creditors. Therefore, bankruptcy should only ever be considered as a last resort.

Debt negotiation can be a confusing process and so is most effective when you seek the advice and assistance of professionals. Our experienced team at Tax Negotiators can negotiate your repayment terms and the amount of debt owing, interest, fees and charges, too.

If you’re struggling to make payments against your debt and are unable to agree on a reasonable solution with your creditor, you have the right to dispute the debt. Dispute resolution is a process that can be undertaken directly with your creditor or through the External Dispute Resolution Scheme (otherwise known as an ombudsman).

The first step is to lodge a complaint with your creditor. If, after contacting your creditor directly, the dispute is still unresolved after 45 days, you may then contact the ombudsman to facilitate the dispute resolution instead. However, if your creditor has already commenced court proceedings, you must lodge a complaint with the Dispute Resolution Scheme immediately.

With a combined experience of over 50 years, the team at Tax Negotiators are unrivalled in their ability to provide professional assistance and advice to businesses struggling with tax debt. By engaging the services of professional debt negotiators at the first sign of financial hardship, you can avoid the stress of being inundated by payment requests from credit providers and debt collectors. Furthermore, you can prevent more serious action from being taken against you, including legal proceedings, enforcement action or receiving a black mark on your credit report.

Backed by an unblemished record, positive customer reviews and a dedicated team, Tax Negotiators can help you regain control of your debt.

If you’re struggling to deal with your debt, make payments to your creditors within the agreed period of time, or are being contacted by debt collectors, contact Tax Negotiators today.

If your business is experiencing financial difficulty, acting promptly offers the best chance of recovery. Debt negotiation helps customers to reduce costs, improve cash flow, lower interest rates and secure manageable repayment terms. We can help you regain control and negotiate a repayment plan you can afford with the ATO and other creditors.

We offer a free consultation for initial advice on how to solve your financial challenges. To get started, contact the friendly team at Tax Negotiators today. Phone 02 4207 9815 or email help@taxnegotiators.net.au.