Repay your ATO debt before EOFY
Having ATO debt can be problematic in the new financial year. Here are a few options to raise funds to repay the ATO.
If, for whatever reason, you had not set aside sufficient funds to pay your ATO dues, you may soon be affected by the ATO’s recent decision to disclose tax debt information to Credit Reporting Bureaus.
From 1 July 2017, any businesses with a tax debt of more than $10,000 that is at least 90 days old and where the business has not engaged with the ATO to manage the debt effectively will face the possibility of having their credit score and ability to raise capital affected.
Also consider that, even if your business is meeting ATO payment plan obligations, you may still be prevented from obtaining further lines of credit from the bank, limiting cashflow and inhibiting growth.
Raising Funds to Repay ATO Debt
Classic Funding Group may be able to assist you with repaying your ATO debt in the following ways:
|Sale-Back Finance||Use equity in existing assets to raise funds to repay ATO debt||
• Minimum 2 years trading
• ATO debt is not an ongoing issue & there is a reasonable explanation for why the debt occurred
• Business is meeting all ATO payment plan obligations• Sufficient assets to satisfy the ATO debt
|Debtor Finance||Use equity in invoices to access funds before the customer pays||
• Sell on credit terms to businesses
• Borrowing requirements over $250K
• ATO debt is not an ongoing issue & there is a reasonable explanation for why the debt occurred• Business is meeting all ATO payment plan obligations
|Integrated Finance||Combination of Debtor Finance & Sale-Back Finance||All of the above|
Get in touch with us to discuss your situation and requirements!