For small business owners, navigating mounding business and tax debts can be a daunting task. More challenging still, is the fact that they simultaneously need to focus on running their business; it can be difficult to give both the attention they require. Fortunately, there is help available.
At Tax Negotiators, our team has a combined industry experience of over 50 years, making us the experts in managing business debt. We can assess your situation and help implement recovery strategies such as debt negotiation, consolidation and business restructuring. This allow your businesses to avoid being subject to debt collectors and the serious recovery methods by Australian Taxation Office (ATO).
Contact Us Today
Are you struggling with tax debt? Don’t wait, contact Tax Negotiators today by phoning 1300 277 148 or emailing help@taxnegotiators.net.au.
Tax Help for Small Business Owners
There are a myriad of reasons small businesses may struggle to pay the money they owe to the Australian Tax Office. These may include cash flow issues, periods of financial difficulty or extenuating circumstances.
ATO Recovery Methods
More recently, many small businesses in Australia are in need of tax debt help as a result of Covid-19’s. During this time, the Australian Government increased stimulus packages, while the ATO suspended their debt collection agencies. However, their recovery methods have since returned hard and fast. Now, the ATO are issuing an unprecedented number of Director Penalty Notices (DPN), garnishee orders and statutory demands. As a result, small business owners are staring down the barrel of personal insolvency and business closure.
Small Business Debt Restructuring
The Small Business Restructuring (SBR) program was introduced in Australia into the Corporations Act 2001 on 1 January 2021 as a simplified method for businesses facing insolvency to recover. Unlike other restructuring programs, SBR allows directors maintain control of the business during the restructuring process.
Eligibility
- Company structure
- Total liabilities below $1 million
- Tax reporting obligations are up to date
- No directors in the preceding seven years have directed another company subject to restructuring or simplified liquidation
- The company has not already undergone restructuring or simplified liquidation in the preceding seven years
Payment Plans
The ATO offers payment plans to support small businesses experiencing financial hardship. By formulating a budget, you can determine what your business has the ability to pay. In turn, you can request particular payment arrangements to suit your current circumstances.
We Can Help
At Tax Negotiators, we are experienced in negotiating payment plans with the ATO. In addition to this, we will work to have your interest charges, fees and tax debts reduced wherever possible.
How to Deal with Small Business Tax Debt
In many cases, overdue tax and business debt can be effectively managed through debt consolidation loans. This allows businesses to reduce multiple debts into a single repayment.
Advise on Consolidation Loans
It is recommended that business owners seek professional advice from the small business debt helpline before obtaining a consolidation loan. In some cases, the interest rate on a consolidation loan may be higher than the ATO’s.
The small business debt helpline can provide:
- Confidential advice
- Dispute resolution emotional support
- Free, qualified financial counsellors
- Practical advice to recover from bad debts
To get in touch with one of their free, qualified financial counsellors for personal debts, tax debts or business debts, call 1800 413 828 today.
Debt Recovery Process
If your creditor has employed a debt collection agency, it’s important to know your rights. There are rules and regulations for the manner in which a debt collection agency can recover debts. The small business debt helpline offers a free service whereby they provide advice and access to free financial counsellors. To get in touch with the small business debt helpline, call 1800 413 828. Alternatively, they offer a free online service at sbdh.org.au.
Assess Your Small Business Finances
The first step for small businesses to manage debt is to have their financial situation assessed by professionals. Only then can you ascertain what you are able to pay and the best solution for your individual circumstances.
At Tax Negotiators, we can provide a comprehensive assessment on your finances. We can seek a stay of any recovery action, giving us time to do a full review and in-depth evaluation of your business finances. From there, we can offer practical advice and strategies to restructure your debt. This may mean a debt consolidation loan, payment arrangements with your creditors, or debt negotiation.
Negotiate with Your Creditors
The next step to recover from financial difficulty is to negotiate with your creditors. At Tax Negotiators, we are unrivalled in our debt negotiation service. We will work to reduce the interest, fees and charges on your business, tax and personal debts. In certain circumstances, we may be able to negotiate a release of the debt in its entirety.
Fortunately, the ATO and other creditors take into account that cash flow issues and extenuating circumstances are not uncommon in business. Since they ultimately want to be paid, they are receptive to payment arrangements.
If you are struggling with paying your business loan or tax debts as they fall due, don’t wait. Seek the professional assistance and services of our team at Tax Negotiators today. We can negotiate with creditors on your behalf and assist with the implementation of the most effective debt relief strategies for your small business. Call 1300 277 148 today or email help@taxnegotiators.net.au.
Get Quality Tax Debt Advice for Your Small Business Today
For your health and the health of your business, it’s imperative that you don’t face tax debt alone. Taking action at the first sign of financial hardship is the best course of action.
With an unmatched industry experience backed by positive testimonials, our team at Tax Negotiators are Australia’s trusted company for assistance in recovering from outstanding tax debt. We can provide confidential advice on understanding business loans, tax debts and personal guarantees, so you can make an informed choice to regain control of your business finances.
Call Us Today
To get started, call 1300 277 148 today or email help@taxnegotiators.net.au.