Will Australian banks lend money for tax debt?
- Author Ray Ethell
- Published November 7, 2022
- Word count 518
Most Australian Banks will not approve loans to help you refinance your ATO tax debt. We can help you refinance your tax debt to put you back on the front foot, back in control.
What is a Tax Debt?
The tax debt or liability is the total amount of debt (money) a taxpayer or entity is legally obligated to pay the government as the result of the occurrence of a taxable event. Different taxable events command different tax liabilities and include, but are limited to:
The receipt of Annual Income (i.e. money)
All revenues derived from a business, less all expenses
The sale of an asset for profit (i.e. real estate, stocks, liens, a patent, accounts receivables, or a claim on debts), or
An inheritance of money or assets from an estate
How is a Tax Debt Recorded in Financial Statements?
The tax liability is recorded as a short-term liability in financial statements, and takes precedence over all other liabilities.
How are Tax Liabilities Incurred?
Tax liabilities are mostly incurred because; taxpayers (entities) are not setting aside enough cash (money) in the event of the following occurrences:
Large increase or decrease in earnings
Accountant errors, bookkeeper errors or tax planning errors
A change in the circumstances of a business
Unsound budgeting for tax obligations (i.e. accrued or assessed taxes)
Are you Able to pay your Tax Liability?
Every financial year you may be just like many other taxpayers or entities whereby you, find yourself in a situation, where you have not put aside the necessary cash to pay the tax liability you may owe to the government for any or all of the following taxes:
Goods and Services Tax
Fringe Benefits Tax, or
Capital Gains Tax
What Options do I have to pay my Tax Liability?
Like many other debt problems, tax liabilities will not go away. You may be able to arrange a “Payment Plan” with the ATO. However, the payment terms may or may not be suitable for you, because:
The ATO will usually require you to pay back the whole debt in 1-2 years and this can make your ATO payment structure plus your ongoing tax liabilities difficult to sustain
The ATO will usually not re-instigate a payment plan if you have missed any payments, even by one day
Can I refinance my home loan to pay my Tax Liability?
Yes, if you are unable to pay any of your tax liabilities, do not take tension. Simply contact a reputed brokerage firm. It will arrange a tax liability loan and ensure that the following actions are not taken against you by the Australian Taxation Office:
A Court Judgment
Outsource the debt owing to a debt collection agency, or
Even force you into Bankruptcy
So, this is how you can obtain tax debt loans and pay off your tax liability.
Are you worried about paying off your tax liability? Contact Non Conforming Loans and put all your worries to rest with tax debt loans. You can even obtain low rate commercial property loans to pay out your tax liability.
Ray Ethell offers a wealth of experience to his clients, gained from 20 years in the Finance industry, and prides himself on providing reliable customer focused service.
Visit our website: https://www.nonconformingloans.com.au/australia-non-conforming-lenders/Article source: https://articlebiz.com
There are no posted comments.
- How to Become Debit Free?
- Sellers Concession the Closing Cost Option
- Financing Short Term rentals with DSCR loans
- Why move to Roseville CA
- Simple Interest Mortgage Advantage
- Are Low Doc Commercial Loans available in Australia
- How to Obtain a Rural Agriculture Loan Quickly and Easily
- What is a Caveat Loan?
- Tips for improving your Credit Score before getting a Home Loan
- 3 Things To Look out for With An Equity Release Mortgage
- Manage your Debts by Refinancing your Current Home Loan
- How to Get a Home Loan with Unusual Employment or Income?
- 20 Effective Debt Consolidation Loans Tips with Bad Credit
- Tips for Choosing a Non Conforming Lender
- Why is a Good Credit Rating Important in Australia?
- Most Common Ways That People Fall Into Personal Bankruptcy
- How to Choose a Consumer Credit Counseling Agency?
- Consolidate Your Debts and Take Control of Your Finances
- How to get a Home Loan due to a Bad Credit Report
- Debt Consolidation Home Loans are a Solution to Multiple Debt Problems
- Facts You Should Know About Low Doc Home Loans in Australia
- No Doc Loans from Private Lenders
- Home Loans to Consolidate Debt for People with Bad Credit
- How Can I Get a Mortgage If I Have a Bad Credit History?
- Guidelines to Fix Bad Credit Effectively Through Dispute
- Dealing with Debt – What to know about Debt Consolidation
- Investing In Yourself Before Investing in the Market
- What Options Are Available to Settle Bank and Credit Card Debt Fast?
- Buying property in the USA — Tips for buyers from abroad
- Home Loans for Bad Credit in Australia