There is a key change coming that will potentially change the landscape for Company Directors.
The ATO plan to publish the names of businesses with outstanding (90 days overdue) ATO payments of over $100,000.
For those that owe the money and have resources, this may of course encourage a swift call to the ATO and payment. For those without the funds to settle that debt, the publishing of their name could have fundamental impacts on their reputation and ability to secure credit with others. It could even lead to suggestions that they are trading whilst insolvent.
In all cases, an outstanding debt to the ATO should not be ignored, and urgent advice should be sought from a Registered Liquidator – the earlier that advice is sought, the wider the range of options that may be available. Insolvency Australia is not aware of any Director who regrets seeking advice too early.
ATO debt? Don’t risk that information being published in the public domain. Get advice now from one of the professionals listed on www.insolvencyaustralia.com.au
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