Do you owe the ATO a SMALL FORTUNE in taxes in your business, which you can’t pay?
There is nothing worse as a business owner than falling behind in your taxes …
When it comes time to lodge your BAS statements and pay your GST and PAYG instalments in your business, you just don’t have the money.
You know you’re in serious tax trouble …
With all the overheads and everything else going on, it gets put to the side.
Before you know it, the ATO is chasing you. You see the interest, fines and penalties continue to increase and before you know it, your bill hits $20,000 … $50,000 … $100,000 … $200,000 … it just keeps rising.
You keep getting letters and phone calls from the ATO … or some debt collector, wanting to know when the tax is being paid … threatening to pursue you and take legal action.
Your stress just keeps on rising, and you find it hard to focus on your business.
Before you know it, you can’t see the wood from the trees anymore, and just don’t see any way out.
This is the reality for many business owners in Australia.
They are in serious tax trouble
If this is you, you’re in serious trouble and need to act now.
Once the ATO start the legal wheels rolling, it’s almost too late. The juggernaut gets momentum … before you know it, money is taken from your bank account (called a “garnishee order”), and you get more legal notices.
If it is on the way to court, it gets even harder.
What’s even worse is the ATO seem unwilling to give you any leeway.
Why is this? Let me give some background to this.
It’s due to the “Zero Tolerance” War by the ATO …
In 2012, the ATO declared war on “naughty small businesses” who weren’t paying attention to their taxes.
The Commissioner said business owners were using money put aside for taxes to pay other bills. “This is not what we want to encourage”, he said … so he declared a zero tolerance war on all small business tax defaulters. He said leniency would no longer be shown unless absolutely warranted.
The result is, more businesses are going broke than ever before … and are in serious tax trouble.
And rest assured … the ATO will chase you hard.
But all is not lost. Because, under the law …
If you get into serious tax trouble, and cannot pay your BAS (GST, company tax, PAYG), you may be able to restructure your business to get rid of the debt. All 100% legal.
You see, there are 4 options under the tax legislation if you can’t pay your tax …
This is the GOOD news.
You can enter into a payment plan with the ATO or restructure the business to start again. Like a “get out of jail free” card.
The BAD news is, in 2012, laws were changed to make it tougher for business owners to restructure their businesses and avoid tax owing.
That is, you can’t just shut down a company and easily get rid of your PAYG or superannuation responsibilities.
You have to meet certain requirements, and follow a STRICT LEGAL process.
The most important thing is …
You may be able to enter into a payment plan, or even restructure your business, to minimise or completely get rid of tax debt.
All 100% legal.
Obviously you have to be careful in doing this. There are strict laws around “Phoenix companies”, ie. where you shut down companies not at proper market value and start again next day. ASIC take a dim view of this.
This is illegal and not on.
It has to be a legitimate and proper restructure to trade out of an insolvent situation, or where you’re in financial trouble.
But that said, ASIC and the ATO also recognise it is illegal to trade insolvent as well. That is, to keep running a business and incurring debt while knowing you are unable to pay your tax or other debts as and when they fall due.
That can also get you into trouble.
So if you are in serious tax trouble, you need to ACT NOW.
Because otherwise you may not only go broke, but may end up with legal trouble and being prosecuted for insolvent trading.
Not a pleasant experience.
So … what can I do to fix this? How can I get help for my serious tax trouble and get out of it?
You want to work with experts who specialise in serious tax trouble, and can advise you on what can be done.
Your normal accountant will just tell you to keep paying it.
But that is not always the best way … because you may be guilty of insolvent trading, and setting up a noose for your neck.
You want to book in immediately with a specialist who deals with people in serious tax trouble.
What we offer is a complimentary strategy session where one of our specialists will look at it, and see what can be done about it.
If we can’t do anything, we tell you straight.
If we can do something, we show you the options and give you a quote.
How Do I Take Action Now?
Call us on 1300 669 336 or click here to organise a no-obligation strategy session.
One of our team will be in contact within 24-48 hours.
About the Author
Written by Warren Black head of the Wealth Safe tax planning division.
Warren has 27 years experience in tax planning and asset protection, including 10 years at the Australian Tax Office.
Warren is a specialist in dealing with people who have serious tax trouble, and has a brilliant team of specialists to assist.
Warren knows the tricks of the trade so you only pay the tax you legally have to and you take advantage of tricks available to build your wealth faster.
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Brilliant service!! Could not have asked for a better start to getting my business structure. This world is still completely new to me and I am very impressed with all the resources Warren and the entire team at Wealth Safe have provided to help me understand trusts
Living overseas, with no structures or assets in Australia anymore, it simply didn't make sense to keep paying into their tax system. Thanks to Warren and his team, they guided me through the process of setting up stable business structures, and making sure all the lawyers agreements and professional advise was documented. This ensured I met the obligations of the ATO and was 100% legally compliant with my obligations. I researched my options, and felt secure that WealthSafe took all precautions to ensure I was doing the right thing, and benefitting financially at the same time
After getting so much conflicting advice from other sources, we were completely confused. Being global business owners, we needed both Australian and international advice, so we reached out to War ren to help us understand exactly how we could structure our businesses to ensure we were well protected. It was vital to us that our future growth and decisions were taken into account. Not only did Warren give us the highest quality advice, and go above and beyond in ensuring we understood the full spectrum of what we were putting in place, but he has always been available for follow up questions, is always happy to get us on the phone for clarification, and he has shared the expertise in his team with us. At first, we have to be honest, we were really concerned about spending money on a consultation. The outcome is although not cheap, it is the best money we have ever spent. We can see significant savings, know we are structured well, have a fully dedicated and professional team behind us and have expert advice available when we need it. We can’t recommend Warren and the Wealth Safe team enough. Thank you
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He is very professional, knowledgeable and creative with his tax planning strategies, and very attentive in answering your questions and working with you to find the best set up for your individual situation. I feel confident working with him and his team, and his level of expertise is outstanding. I wouldn't trust any other company, and would highly recommend Warren Black and Wealth Safe to protect your assets
Although I thought the result I had figured out with my accountant were the most tax effective way I could setup myself up. I was in a position where I would have to pay 31k in tax. Warren found something in how I was setup, which turned my situation around to getting $15k returned to me. It's a $46k turn around.
Warren was able to set me up, and help me look forward to further tax reductions for the future. Also for improved asset protection. Warren also did bloodline wills for me and my wife. Full Review Here
I'm in the mining industry and run a small trading business. I had a tricky situation I had to get out of. I had default on my credit files. I got Warren on the job, he loves that sort of challenge. He didn't even charge me full price, he was excited at the challenge of helping me out. He succeeded and got rid of my default! I get Warren to do all my work now. I would recommend him to anyone
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I run a small business. I was concerned about safeguarding my assets, myself and my family, and the amount of tax I was paying, but I also wanted to be legal and not get into trouble. Warren was able to provide me with a structure that protected me and my family and my assets and also helped to significantly and legally reduce the tax that I had to pay. Sure I had to pay and they aren’t the cheapest nor the most expensive, however it was well worth the fees paid. I certainly feel more comfortable and secure now
They were able to walk me through the whole process, even a tax dummy like myself.... I was very very impressed with the level of service. It was really end to end. They were always there to answer questions, help me complete paperwork and connected me with all the right people. I can't recommend Warren and Wealthsafe highly enough Full Review Here
Virna, Warren and the Wealth safe team have provided us with a professional and efficient experience helping us to identify and create a customised financial structure to suit our needs. They clearly have a great deal of knowledge regarding taxation in Australia. Also Warren's seminars have been of great help. We absolutely would recommend their services and are forever grateful for help and advise provided
I am a doctor (GP) who was making a good income, however, I was highly dissatisfied with the high amount of tax I was paying, and also feeling a little lost and frustrated in my life in general. I signed up to work with Warren and his team at Wealth Safe. It was one of the best things I have ever done. Firstly, I got quality advice on my tax and was restructured and legally was able to minimize my tax and get on top of it. Secondly, I joined his mastermind and got some personal mentoring, which was significant. It helped me shift a lot of mental and spiritual blocks, and financial imprints which seemed to be blocking moving forward and making major decisions. I learned also how to manifest and create what I wanted rather than what I don’t want, and I have even manifested a wonderful relationship with a very supportive partner. So all round, a great decision. Thanks Warren, and I would recommend Wealth Safe and Warren’s tax advice service and manifestation and imprint clearing to anyone!
I worked with Warren Black to open a Hong Kong corporation during the summer of 2018. Warren came highly recommended from my business contacts, who said that he was honest, trustworthy, and very knowledgable. I have to agree. My experience working with Warren was very good. Warren was extremely attentive to my questions, replying with solid answers in less than a day. He also took the time to explain options and rules in detail. When faced with some unique challenges that most businesses don't face, Warren was quick to roll up his sleeves, take action, and even put me in touch with his team so the process could move forward rapidly. This was above and beyond what I expected. To top it off, I found him very personable and really a pleasure to work with. If anyone is looking at a business entity in Hong Kong or Malta, I highly recommend Warren Black.
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