MELBOURNE, Australia, July 29, 2022 (GLOBE NEWSWIRE) — According to CPA Australia, the Australian Taxation Office (ATO) has recently resumed its debt recovery activities after a two-year hiatus in response to COVID-19.
The small business market alone is said to owe $12.5 billion and the ATO has written to more than 80,000 businesses encouraging taxpayers to settle their debts.
While many banks won’t refinance tax debt, there are still ways to pay off tax debt—including the help of business loans.
According to Liberty’s chief communications officer, Heidi Armstrong, lenders like Liberty can help business owners find the right one loan to support the repayment of their tax debt.
“If you are a business owner who has received a foreclosure notice, you may want to consider consolidating your debt and increasing your cash flow with a business loan. Thanks to our flexible and open-minded approach, Liberty can help businesses structure their finances their to pay off tax debt and source additional funds for working capital.”
Tax debt can be the result of cash flow difficulties or even personal difficulties that prevent affected taxpayers from meeting their obligations on time. Even with guidance from tax professionals, many taxpayers can still carry tax debt long after it is due.
In addition, failure to pay the debt on time will result in the ATO adding a general interest charge (GIC) to the amount owed. The current annual rate of 8% is calculated daily based on compounding and added to your account.
Liberty offers a business range loans with fast turnaround times designed to support business customers to secure funds when required.
By taking a more personalized approach to business credit assessment, Liberty can tailor solutions to fit each business’s unique circumstances, helping more of them secure the funding they need.
“With decades of experience working with business owners, Liberty has the expertise to provide solutions that fit their unique needs and circumstances,” said Ms. Armstrong.
Approved applicants only. Lending criteria apply. Fees and charges are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit License 388133, together trading as Liberty Financial.
CONTACT
Heidi Armstrong – Group Manager – Customer Communications
Q: +61 3 8635 8888
E: mediaenquiries@liberty.com.au
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