It’s not uncommon for business owners to feel overwhelmed by the challenge of reducing ATO debt. AVA Advisory can provide the support and strategies you need to effectively minimise your ATO debt.
It’s not uncommon for business owners to feel overwhelmed by the challenge of reducing ATO debt. AVA Advisory can provide the support and strategies you need to effectively minimise your ATO debt.
Our proven solutions are meticulously crafted to guide businesses out of the depths of debt, providing a personalised roadmap to financial freedom.
Our team is made up of individuals who have held directorial position.
AVA excels in conducting thorough financial assessments.
AVA places a strong emphasis on transparent communication and stakeholder empowerment.
ATO debt refers to the money your business owes to the Australian Taxation Office (ATO). It may arise from unpaid taxes (BAS lodged Quarterly), Pay as you go (PAYG) withholding of taxes on income payments to employees, Superannuation ( ‘super’), or other financial commitments to the ATO. If you don’t pay on time, the ATO will automatically add a general interest charge (GIC) to what you owe. Your debt will grow each day your debt remains unpaid. Interest calculates on a daily compounding basis on the amount outstanding and is added to your account periodically.
Personal Liability is where a company’s debt is made to be the directors personal debt.
These include disqualification, fines up to $200,000, and may lead to criminal prosecution.
Creditors can only take action against directors for their own debts whereas a liquidator can on behalf of all creditors.
A holding company can also be liable for the debts of a subsidiary if it allows the subsidiary to trade while insolvent.
> Business Restructure: Restructuring involves making significant changes to the organisation and operation of your business. Under the Corporations Act 2001, a company can restructure its debts by proposing and agreeing on a restructuring plan with its creditors.
> Small Business Restructure: Small Business Restructuring (SBR) offers a straightforward avenue within the corporations law for companies to revamp their debt structure through the proposal and agreement of a Plan with creditors. This process empowers small businesses to restructure while retaining control under the directorship.
> Voluntary Administration: Voluntary administration (VA) is a legal financial management process initiated by the company directors in times of financial distress and an inability to meet debts. The primary objective is to offer a mechanism for the company to restructure and prevent liquidation.
> Creditors’ Voluntary Liquidation: Creditors’ voluntary liquidation is an option when a business lacks a viable model. Appointing a liquidator minimises directors’ personal liability for insolvent trading and creditor-defeating dispositions. It ensures equitable treatment of creditors, alleviates stress for directors, and allows employees to claim unpaid entitlements through the Fair Entitlements Guarantee (FEG) scheme.
Whether it’s due to unexpected challenges, market fluctuations, or other factors, many businesses encounter periods of financial strain. AVA Advisory specialises in supporting businesses like yours through these tough times. We offer strategic insights, financial expertise, and a pathway to overcome business debt challenges, putting you back on the road to success.
AVA Advisory provides clear guidance on Directors Penalty Notice’s and resolution strategies tailored to your situation. With the right advice, directors can avoid personal liability and find the best path forward. Seek expert advice on your Directors’ Duties and options if you think your debts are becoming increasingly harder to manage.
Connect with AVA Advisory today for a lifeline. Let’s work together to calm the financial storm of uncertainty around ATO debt and set sail towards a brighter future for you and your business. Don’t delay – let us help you get through it all, not just for your sake – but also for those you care about the most. Book an obligation-free, cost-free consultation or call 1300 181 220 to discuss your options in confidence.
Now, Let’s Start Mapping Your Path to Financial Freedom.
Don’t wait – the earlier we start, the more debt relief options will be available. Contact us today on 1300 181 220 for an obligation-free, cost-free consultation. Share details of your situation and concerns in confidence.
With expertise on your side helping analyse business debt relief options, ATO debt advice, and negotiate agreements, you can look forward again. Clarity, relief, and a brighter future for you and your business are only a few steps away – fill out the form below for your free consultation.
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