With the ATO flagging that they’re actively looking to call in debt it’s worth knowing your lending options around tax debt and not risking a garnishee notice or a director’s penalty notice.
Before we get to lending; know there are tax debt specialists and pre-insolvency specialists that work alongside your tax accountant. These experts can guide you through the particular challenging experiences when you’re accruing interest and penalties.
When it comes to loans for tax debt the myth that you can’t get finance when you have tax debt just isn’t true – even if that’s what your local bank branch told you.
Unsecured lenders will provide funding to payout tax debt and don’t require financials. This means assessments can be turned around quickly and approvals can be achieved as fast as 24 hours.
Another option for those with property is private lending. No financials required and often with payments deferred for 12 months gives breathing room to those that need it.
The benefit of both of these strategies is a repayment term that stretches out longer than a payment plan and getting the ATO off your back.
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