A Business Guide to Fast ATO Tax Debt Loans
Picture this: a client recently approached us, clearly under enormous stress. They’re a small business turning over around half a million dollars annually with a small staff. They consistently pay their taxes and BAS on time, and have been chugging along happily for a decade.
Last year, the steady ebb and flow of business was punctuated by a motor vehicle accident, which wrote off the company car. No biggie, Insurance covered it, and they were able to replace the vehicle quickly and with minimal interruption. Too easy, right?
That’s what they thought. Then, tax time rolled around.
That insurance payout? Classified as income. Over $30K dumped into the revenue inbox. Not only did the client have to pay tax on these funds that went entirely into a replacement vehicle, but it also bumped them into a higher tax bracket. Suddenly, the client’s tax bill skyrocketed by over $20K, with nothing in the bank account to show for it, and no provisions to cover the debt.
Even with an ATO repayment plan, with the cost of living crisis, the constant pressures of expenses, wages, super obligations and other expenses, they soon fell irrecoverably behind and risked penalties or default.
See why they were stressed?
Why Do Businesses Need ATO Tax Debt Loans
The above true story is just one scenario in which a client needed a fast cash loan to clear ATO tax debt. Every business is unique, and there are as many such stories as there are organisations experiencing the end-of-financial-year tax and cashflow crunch. However, the majority will fall into one or more of the following broad categories:
- Cash Flow Issues:
Cash is the lifeblood of every business. Most businesses are regrettably familiar with the anguish of performing well on paper, yet fighting a consistently desperate battle with dwindling bank balances. Virtually everyone who enters a payment plan with the ATO does so with the best intentions. However, when cash flow crises hit – as they inevitably do – many struggle to maintain regular payments for want of liquid cash.
- Poor Financial or Tax Planning:
It’s critical to stay on top of your finances. Small business owners, in particular, are often so overwhelmed with the relentless demands of their businesses that keeping up with bookkeeping, BAS, and EOFY tax planning falls by the wayside until it’s too late. If our unfortunate friend above had spoken to their accountant about structuring the insurance payout, they could have saved themselves thousands. Failure to set aside sufficient GST funds to pay your BAS, a jump in your PAYG requirements – all these things and more can make you feel like the screws are tightening like a medievel torture implement.
- Rapid Expansion:
Growth is usually a sign of a healthy business. However, it can come at a cost. You can’t expand without investment, and returns can take time to realise. Throw a whopping ATO bill or other acute financial shock into the mix, and you can quickly find yourself drowning in a sea of debt without a buffer to help you navigate the blind curves in the road.
- Unforeseen Expenses:
Business, like life, can be unpredictable. Whether it’s a car accident, urgent equipment repairs, legal bills or other costs, things can, and usually do, come up – almost always at the worst possible time and when least expected. Businesses can quickly find themselves feeling the cash-flow pinch and searching for alternate sources of cash to keep the lights on and the doors open.
How Can a Loan To Pay Off Tax Debt Help You?
When the pressure is on and the ATO is breathing down your neck, all you can see is that impossibly large number in your repayment statement. Going alone can have disastrous consequences for you professionally and personally. On the other hand, a fast ATO tax debt loan can have a wide range of benefits for you and your business.
- Clearing Your ATO Tax Debt:
Like the Terminator, the ATO will never stop until they get their money. Clearing your tax debt is the pressure release valve that allows you to create a fresh slate and get on with business without
- Avoid Enforcement Actions:
If you’re behind on your repayments, enforcement actions, penalties, or garnishee notices can only add to the already mounting stress. Tax relief loans allow you to break free of the cycle and wrestle back a sense of security and control.
- ATO Debt Consolidation:
One of the most common frustrations with ATO debt is that you can end up so stretched trying to keep up with repayments that you struggle to put aside sufficient funds against your current financial year’s taxes or BAS obligations. It’s a vicious cycle that can see you burdened with multiple ATO liabilities, adding to the confusion and frustration. Consolidating everything into one repayment simplifies your finances and alleviates the tension.
- Maintain Cashflow:
Especially at EOFY, maintaining cash flow is absolutely critical. Clearing your ATO debt can potentially free up precious liquidity precisely when it’s most needed.
- Rack Up The Deductions:
Without the deadweight of ATO repayments dragging you down, you can invest in productive assets and equipment that help your company grow. In doing so, you’re also increasing your deductions for the current year, which reduces your future tax burden and allows you to break out of the tax debt cycle.
How Can Relief Business Loans Help You Access Funds To Pay Off Your ATO Tax Debt Fast?
Finally, there’s some excellent news! Our mission is to help Australian small businesses access the finance they need quickly and efficiently. We’ll work with you to find the perfect loan that gets you back to working on your business.
Bad credit? No problem. We offer no-doc and no-credit-check loans based on your business turnover. All you need to do is answer a few simple questions on our website, and we’ll get the process started. Your loan can be approved in as little as three hours. No agonising waits, no more struggling to remember your grandmother’s maiden name, no diving into your computer to find that Centrelink statement from 1983. Just a fast, hassle-free way to get the cash you need to get your business and your life back on track.
Here’s how it works:
- Apply:
Visit the Relief Business Loans website, select the loan you’re after and answer some quick and easy questions about your business.
- Assess:
Our experienced loan assessors will review your application, recommend the best loan for your circumstances, and process your details.
- Funding:
Pop the kettle on, or duck out for a coffee. You’ll have the relief you’re yearning for in a few hours.
Why a Relief Business Loans ATO Tax Debt Loan May Be Right For You?
Death and taxes may be this life’s only certainties. However, that doesn’t mean you have to be resigned to the emotional load associated with ATO debt. Relief Business Loans is here to lighten the load and work towards your business goals without the dreaded anchor. There are many reasons why Relief Business Loans may be the perfect fit for you. Here are a few of them:
- Fast, 3-Hour approval
- No credit checks
- Manageable repayments
- Flexible terms
- Early payment discounts (not penalties!)
- Minimal paperwork, if any, required
- Access as much as you need, from $5 ~ $5M
Sound Good? Let’s Do This!
Are you ready for the freedom that comes with clearing your tax debt? Well, we’re ready to assist.
Fill in our application form, or call us today, and we’ll get you started.
Relief is just a couple of clicks away. Go get it now!
