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Tax Debt Cure

Do you have an outstanding tax debt that needs to be cleared before the due date?

From 1 July 2017, the ATO will be authorised to register company defaults with tax debts over $10,000.

We can help you finance and consolidate your tax debts and save your credit file.

Here are two examples of common tax debt scenarios for clients we have helped in the past.

Scenario: Client is self-employed and owns a retail business. He has equity in his owner-occupied and investment properties. Due to the number of expenses for the business, and some repairs needed on the investment property, he has accumulated a tax debt of $44,700. He is unable to pay out his tax debt with his current cash flow. Solution: By providing a letter from his accountant stating his income, we were able to help him with some cash flow and payout his tax debt.

Scenario: Client has accumulated several debts including a tax liability of $69,259 due to unpaid GST. She needed to consolidate these debts totalling $106,000 and refinance her existing mortgage of $182,655 to help reduce his monthly commitment. She was having trouble obtaining finance because of a telco default against his name. Solution: We helped the client to consolidate his debt by refinancing his existing mortgage. This has allowed her to pay off her tax debt on time without going into default with the ATO.

Call us today for an assessment and advice on your situation on 1300 861 143.


This information is current as at 05/04/17. This article has been prepared by Heart1Stop, a social media brand owned by Heart Mortgage Services and Heart Financial Advisers. The information contained in this article is an overview or summary only and it should not be considered a comprehensive statement on any matter nor relied upon as such. The views expressed here are not those of Heart1stop, Heart Mortgage Services, Heart Financial Advisers, shareholders, directors or staff and associated contractors and business associates. This article has been prepared without taking into account any person’s objectives, financial situation or needs. Because of this, you should, before acting on any information contained in this article, consider its appropriateness, having regard to your objectives, financial situation or needs. Any taxation information contained in this article is a general statement and should only be used as a guide. It does not constitute taxation advice and is based on current laws and their interpretation. Each individual’s situation may differ, and you should seek independent professional taxation advice on any taxation matters. While the information contained in this article may contain or be based on information obtained from sources believed to be reliable, it may not have been independently verified. Where information contained in this publication contains material provided directly by third parties it is given in good faith and has been derived from sources believed to be accurate at its issue date. It is not the intention of Heart1Stop or Heart Mortgage Services and Heart Financial Advisers that this publication be used as the primary source of readers’ information but as an adjunct to their own resources and training. To the maximum extent permitted by law: no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up to date or fit for any purpose; and no party of Heart1Stop or associated entities as mentioned is in any way liable to you (including for negligence) in respect of any reliance upon such information. This article may also contain links to websites operated by third parties ("Third Parties") who are not related to Heart1Stop. These links are provided for convenience only and do not represent any endorsement or approval by us.

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