ATO Changes July 1st 2017
Will your debts affect your business negatively?
From 1 July 2017, your debt information may be exposed by the ATO. This has the ability to drop your credit score and potentially cause declines for future lending. If you’re self-employed or a small business and in the position to be affected, refinancing could be an option.
So let’s get the facts:
Tax debts will only be reported where:
Debt is for a taxpayer that has an ABN
Debt is over $10,000 and unpaid for over 90 days
Debt is not in dispute
No payment plan has been established or an existing payment plan has defaulted
Gaining access to additional equity through refinancing will enable you to pay off the debt. Working with you, I can assess your current situation and existing loan arrangements and show you ways to save money and be in better financial shape.
Contact your local Loan Market broker and accountant today to find out more. If you need an accountant recommendation please let me know.
Alyson Irwin, Senior Finance Specialist
0401 405 465
Loan Market Pty Ltd |
Australian Credit Licence 390222
*This illustration provides an overview or summary only and
it should not be considered a comprehensive analysis. You should before acting in reliance upon this
illustration seek independent professional lending or taxation advice as
appropriate specific to your objectives, financial circumstances or needs