The ATO wants to help
if you can’t pay your tax debt
Here’s what the ATO says about helping businesses with tax debt:
“ The ATO’s focus is on assisting eligible businesses to access Small Business Restructuring or Simplified Liquidation where possible. Where we have been a creditor we have supported most Restructuring Plans. ”
Here’s what the ATO says about helping individuals with personal tax debt:
“ We are here to support you. If you contact us for help, you can expect that you will be looked after fairly, we will help you get certainty on your tax position, we will listen to your situation and offer you support tailored to you. ”
for tax debts you are struggling to pay
Finding the right solution is a complicated area and it is not a one-size-fits-all situation. You need experienced restructuring professionals who know the solution and can act on your behalf.
Solutions for Company tax debts
Solutions for Personal tax debts
If you’re not sure if it is a company or personal tax debt, check the Notice or letter from the ATO. If it’s addressed to a company (e.g. ABC Pty Limited), it’s a company tax debt. If it’s addressed to just your name then it’s a personal tax debt.
ATO Payment Plans (for companies and individuals)
A Payment Plan, or Arrangement, is an agreement the ATO and a taxpayer agree to that allows the tax payer to “pay-in-full” a tax debt over a period usually capped at 2 years.
Includes Debt Forgiveness
Small Business Restructuring
SBR allows a small business to propose a Plan to its creditors to restructure its debts while the directors remain in control of the business. SBR has become the “go-to” solution for many small companies. The ATO has voted in favour of over 90% of “Plans” proposed to it.
Sometimes it is best to liquidate a company and move on. Simplified Liquidation is a streamlined version of the current more comprehensive Creditors Voluntary Liquidation process. It is the winding-up of a company when it has creditors of less than $1 Million it cannot pay.
Bankruptcy is a legal process available to individuals where you declare you are unable to pay your debts. It can release you from most debts, provide relief and allow you to make a fresh start.
Our professional memberships
Association of Independent
Board Member in-house
ATO Registered Tax Agents
Our Experienced Team
Small Business Restructuring Practitioner (SBRP)
Registered Debt Agreement Administrator (RDAA)
Stories from our customers
I hadn’t done tax returns for 3 years and when I did I got hit with penalties and interest of $14,600. TDS applied and I had it remitted in full!
From January to May, I fell way behind on my BAS debt. TDS got me a payment arrangement to pay $50,000 over the next six months. It saved my business!