With ATO collections activity on the rise a lot of business owners are under the misconception that you can’t get finance when you have tax debt or you can’t get finance to pay out tax debt.
Now, it’s true that the major banks and a number of the second-tier lenders and traditional lenders don’t provide finance to business owners when their business is carrying a tax debt, but, as current business conditions are making it more likely that more business owners are carrying more tax debt, there’s a couple of different things to be aware of.
First, there’s professionals that are there to help you get the best outcome with your tax debt situation. These are specialist consultants who work with you to negotiate away penalties and interests that you might have incurred.
So that’s step 1, making sure that debt is as low as possible. Step 2 is to know there are lenders that will payout tax debt. Some options can have payments deferred for 12 months.
You can also get other forms of finance at the same time as carrying tax debt. There are usually many options available beyond what your bank may offer.
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If you’ve been in business for any length of time it’s almost guaranteed you’ve heard along the way you must have 2 years of financials