Once the Australian Taxation Office and/or any creditors have exhausted seeking payment of their outstanding accounts they will chase you with Directors Penalty Notices, garnishee notices and then court action.

Fast action is required to deal with those pressures usually from mounting tax debt while looking to protect your personal assets and recovering your business. Your Business Angels can develop a tailored strategy for you to deal with this tax debt as well as a business analysis that can assist in implementing changes to ensure you have a business in the future, and to protect your family home as much as possible.

If your business has a statutory debt and legal action has begun, there is little flexibility left apart from paying the debt. Going into the future, it is important find out why your business has ended up in this position.

We strongly recommend that you contact Your Business Angels immediately. We will meet with you and create a strategy for an appropriate course of action.

For you to have wind up proceedings against your company you must have ignored a lot of previous action from the ATO or other creditors who are taking this action.

If the creditor winds up your company, a court appointed liquidator walks in and takes control of your company. The liquidator can sell assets, make claims against debtors and investigate how the Director ran the company. This can be very traumatic for all stakeholders and demands immediate action to address the causes that led to the business deteriorating to this point. If you have a wind up order on your company, Your Business Angels can meet with you, create a strategy and advise you on a suitable course of action, but this must happen now.

We know that there are many causes for businesses to carry a small business tax debt.

Surviving in the current economic conditions has been extremely difficult for many small to medium businesses, leaving them with a mounting tax debt. At Your Business Angels we know that the Australian Taxation Office is chasing hard for their outstanding debts and we need to act quickly to find a solution to satisfy them, and protect your business and home. Your Business Angels have over 16 years’ experience in dealing and negotiating with the Australian Taxation Office. It is often the case that a currently-profitable business carries a historical debt with the Australian Taxation Office that is hard to deal with.

At Your Business Angels we can strategize and explore ways of dealing with your small business tax debt so that your business can continue to trade, at the same time helping you deal with issues of impatient creditors, slow-paying debtors and any fundamental issues that affect your business.

If you have received a Directors Penalty Notice (DPN) from the Australian Taxation Office it means that they have become tired of asking for payment and are taking actions that will affect you personally, as well as your business.

A Directors Penalty Notice effectively makes you personally liable as a Director for the PAYG debt within 14 days of receipt of the notice. With the issuance of a Directors Penalty Notice the Australian Taxation Office has determined that the business cannot pay the tax. The ATO then has the power to make the Directors personally responsible for PAYG debt. If you have received a Directors Penalty Notice we strongly recommend that you contact Your Business Angels today. We will meet with you and create a strategy and advise you what you should consider doing now. This is a time for fast, decisive action.

If you have received a Garnishee Notice from the Australian Taxation Office it means that they have become tired of asking for payment and are taking actions that will affect you personally, as well as your business.

A Garnishee Notice which is served on you and your bank allows for the Australian Taxation Authority to take money from your bank account. Once they have served this notice they have the statutory power to do so. This is a very serious “pay attention notice” from the Australian Taxation Office and it can embarrass you with your bank, as well as severely upset what may be a very delicate cash flow. If you have received a Garnishee Notice we strongly recommend that you contact Your Business Angels today. We will meet with you and create a strategy and advise you what you should consider doing now. This is a time for fast, decisive action.

When the Australian Taxation Office has finished asking nicely for payment they begin to take action which usually means they will chase you through the courts for their money.

If you are unsure about your relationship with the Australian Taxation Office and you have received any demands or documents that concern you, Your Business Angels can devise strategies to deal with your problems, along with analysing your business and its ability to deal with any current debt burden.

It is quite common for businesses to have seasonal variations and experience difficult periods of cash flow.

However, if you feel that you have a fundamental problem in your business and that meeting future small business tax debt payments is going to be difficult, then call Your Business Angels to arrange a free, no obligation meeting now. The solution may be as simple as negotiating a payment strategy with the ATO

Does someone important in your life seem burdened by their business to a point where they are stressed and lacking energy? Do they always seem to be ‘somewhere else’ when you speak to them? We know that addressing sensitive issues such as this requires tact.

Many people avoid confronting what appears to be an overwhelming problem, and we may have the solution for them. Suggesting that they see Your Business Angels may be the first step in getting them back on track and finding the solution to tax debt and other business trouble. An open discussion of their situation with professionals, who are non-judgmental and have dealt with similar issues, can begin the process of a positive resolution. It is common to hear from prospective clients when they first visit us, “you guys really are Angels” or “I wish I had found you earlier!” The sooner we can begin to repair the past, the sooner we can begin to rescue the future.

Right now it’s just a word, but if you think you have a problem you need to act.

Remember that you as a Director must act now or you may be personally liable to the debts that the company incurs after what may be considered the date of insolvency, so in our experience by being responsible you will find there will be little cause for alarm. At Your Business Angels we will quickly assess your position and discuss with you at a free consultation all your options. We will advise you of what we believe is the best solution for you, your business’ future, protection of your home and other considerations important to you.

Using an insolvency firm can be a tactic to the strategy of protecting your future in your home but there are many issues you need to understand first.

Remember: an insolvency firm represents the creditors. Not you. Your Business Angels represents only you and will help you through any dealings with an insolvency firm. It is pointless being bullied into signing over your company if you haven’t taken a moment to fully understand what this means. At Your Business Angels we take time to explain what will happen and how to prepare you for dealing with an insolvency firm.

There are a range of options that a Director or sole trader, facing personal insolvency has available to them. The insolvency legislation was created to help you, not frighten you.

At Your Business Angels we like to examine all your options first. We do this by examining the facts in front of us, including your current balance sheet, cash flow and level of activity with your debtors and creditors. We even look at contracts in the pipeline. We find that often with better financing and management, the company or the business is not even insolvent.

The Australian Taxation Office can charge you for late lodgements as well as charge you interest for money owing.

We can immediately start bookkeeping and accounting to bring your accounts up to date. At Your Business Angels we use our accounting firm to bring your accounts up-to-date as well as work out how we are going to best negotiate with The Australian Taxation Office. We have found that transparency and firm negotiations are key in developing a relationship with various file managers at the ATO. They are then more likely to look at any remission claims in the best light for your case. In most cases we can develop a strategy to deal with the tax debt or negotiate a payment plan that fits with the cash flow of the business, without harming the business itself. A free consultation with Your Business Angels today will allow you to understand what we can do to improve your situation. You will know that you are in good hands getting your accounts cleaned up with painless dealings with the Australian Taxation Office.

We have seen countless instances of small business owners who have been too busy getting on with their business and have not managed their source documents, accounting and filing.

When there are gaps in records we have found a way to complete accounts to satisfy the Australian Taxation Office, giving us a chance to lodge all your late accounts as well as make arrangements for you to pay off any debts. Further to this, we can arrange a management program that is costed and geared to the size of business to complete all your Accounts, BAS, PAYG, Tax Returns and all other compliance issues for you. You also receive valuable records for planning growing and creating wealth in the future. A free consultation with Your Business Angels today will inform you of how we can go about cleaning up your accounts with limited documents and how affordable this is.

The first thing the Australian Taxation Office wants to know is that the accounts are going to be cleaned up and submitted as quickly as possible.

We jump in and complete the bookkeeping and accounting immediately and find out what tax debt you may have.
Your Business Angels have considerable experience in negotiating time with the Australian Taxation Office which means we can compile your documents and have our accounting firm complete your accounts without any further pressure on you. Not only that, we can keep the Australian Taxation Office up to date with transparent progress of our work (if required) and report to them on the day that we have committed to. Our accountants are used to prioritising this sort of bookkeeping and accounting work and it can be completed in an affordable manner for you with payment terms, so that any large accounting job does not interfere with your cash flow. Arrange a free consultation with Your Business Angels today and we will explain to you how we will go about completing the work, giving you a fixed price with terms and explaining to you how we will deal with the Australian Taxation Office on your behalf.

Statistics might say that most businesses fail, but at Your Business Angels we have found that most businesses have a little magic that can produce good sales and profit, as long as the bookkeeping and accounting is kept up to date.

It’s the best way to manage tax debt. The secret to finding what part of the business produces the best profit is by completing accounts and understanding where that profit has come from. At Your Business Angels we will arrange for your accounts to be completed with a great program to keep accounts up to date so you know were the business is financially at any time as well keeping the business compliant You now have a great business tool.

This is generally the biggest concern for business owners who own property, especially a family home. It’s one of Your Business Angels’ key focus points when we first meet for your free consultation.

We will need to know who runs the business, whether money has ever been borrowed against the property and if your partner is involved in your business, as well as some other information including where the pressure is coming from, and whether tax debt, or other debt, is being chased by the ATO. This information will assist Your Business Angels in finding the best way to protect your home. At a free consultation with Your Business Angels we can gather this information and indicate to you how we will not only save your business and protect your future but also talk about the options that we have to protect your house or equity in it. At Your Business Angels we appreciate the emotional value that a business owner has with their family home.

This is a more complex question than it appears.

Without truly understanding the problem that caused your business tax debt, you can end up digging the hole deeper by borrowing more money to pay off your current tax debts and any other cash flow problems. There is no question that money will solve a problem immediately, but it is important to know what caused you to have these debts in the first place. It is better to know that you have the business well prepared so that if you are borrowing money you can pay it back and you have an opportunity in the future to make a good profit. Your Business Angels can explain to you how we would look at your business and help you to solve the fundamental business problems causing the current tax or other debts so you can move forward. Often at our first free consultation, we find that we have been able to identify other ways of solving the problem without throwing large amounts of money at what might be unmanageable tax debts, belligerent and pursuing creditors or endless crippling overheads. You have an opportunity to discuss your problems and hear what we would do to help you at a free consultation today.