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WHAT IS ATO TAX DEBT?
Every Australian business is required to pay tax. Those who fail to fulfil their tax obligations however may quickly become subject to harsh penalties imposed by the ATO.
CONSEQUENCES OF UNPAID ATO TAX DEBT
If your company fails to meet its tax obligations and you fail to lodge your BAS on time, company directors are at risk of the following
- Accrued Interest — If you don’t pay your tax on time, interest will accrue from the due date until the amount is paid in full.
- Garnishee Notice — The ATO may issue a garnishee notice to your bank or even your clients.
- Director Penalty Notice — Company directors may become personally liable for the ATO debt under a DPN.
- Wind-up Application — This gives the courts the power to wind up a company and appoint a liquidator (usually of the ATO’s choosing).