Taxpayers, especially those linked with small and medium enterprises, are being warned of the ‘bombs’ that the Australian Taxation Office are set to release soon.
The tax office have a recently legislated right to inform privately owned credit bureaus of the fact that a person/enterprise owes tax. Once this has occurred, the taxpayer will not be able to obtain a loan from a bank or most financial providers, obtain a credit card, run a business, buy a house, or rent a premises for the next 5 to 10 years.
The taxpayer will receive a letter titled ‘Act now or your tax debt will be reported to credit reporting bureaus’. If this occurs the taxpayer can do one of two things to prevent being reported:
– Start negotiations as the tax ‘bomb’ cannot be dropped during negotiations; or
– Report the matter to the Inspector General of Taxation via their website.
Contact us immediately so we can help you with the Tax Office.
(Watch out! Tax office bombs are about to drop (theaustralian.com.au))