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Bookkeeper Radio: How to Manage a Client's Outstanding ATO Debt

The ATO recently advised they had approximately $34 Billion of outstanding tax related debts on their books and are now looking to ramp up their collection activity.

In this episode of Bookkeeper Radio, your hosts Kelvin and Peter will be joined by special guests Anita Challen (ATO Assistant Commissioner), and Ashley Shield (De Jonge Read), to discuss the implications for business clients with an outstanding ATO Debt Including:

  • discuss the implications for business clients with an outstanding ATO Debt Including:
  • Establishing a payment plan
  • Managing and modifying a payment plan
  • Is interest charged on outstanding debt, and how is it calculated?
  • The implications on business if a debt is reported to a credit agency
  • What is a Director Penalty Notice and what happens if your client receives one?
  • What is a Garnishee Notice and what happens if your client receives one?
  • Will the ATO wind up a business if they have unpaid debts?

With debt collection already starting to ramp up, it's critical to know where you and your clients stand and how to manage any outstanding debt.

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Category
ABN
Published
23 Jun 2022
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