Owing money to the ATO is a scary position to be in.
Especially with the ATO’s tendency to “shoot first, ask questions later”.
We hear the same stories from our clients all the time…
They thought all their taxes were paid… until a threatening letter or phone call came in claiming they owed thousands more…
Usually the company’s accountant has no idea why the ATO is demanding more money, they can’t afford to pay the excess tax, and that’s when people start to freak out.
Right now the ATO’s debt book is sitting at $53 billion dollars as Australians owe more than ever.
It’s very common for businesses to get into tax strife, so you’re not alone.
But the ATO will do everything in it’s power to get that money.
And as of April 2021, with the JobKeeper program officially over, the Tax Office has now confirmed that it will resume pursuing and enforcing debt recovery action.
In many cases the owner also gets served with a Directors Penalty Notice, making them personally liable for the company’s debts. This means that not only is their business at risk, but their entire lives too.
You can understand why many people are in a panic when they first approach us.
The good news is you’re not alone – and there is a way out.
Plus we can arrange for any remaining tax debt to be financed at half the interest rate the ATO would charge you.
That means there’s a good chance we can reduce, eliminate or restructure YOUR ATO debt too, and save you a lot of time, money and stress in the process.
As well as specialist tax accountants, we are also tough ATO negotiators and understand their bureaucracy and procedures better than any “vanilla” accountant ever could.
We will be the experienced partner you need to fight hard on your behalf to reduce or eliminate your ATO debts.
And because of the way his affairs were structured, this would become his personal tax debt.
Fortunately, we were able to see avenues that hadn’t been utilised to avoid what he thought was inevitable.
When we finished our work for him, James was surprised to receive a tax refund and was very happy indeed!
The ATO was refusing to make payment arrangements and demanding payment within 4 days to avoid a Directors Penalty Notice which would transfer the company debt to personal debt.
(On top of this, his wife knew nothing of it.)
We were able to reduce that debt to just $10,000 – and make arrangements for it to be paid off in manageable installments.
His business was saved (and probably his marriage too!).
We have many other case studies at the bottom of this page too.
If you have any outstanding debt with the ATO, we strongly advise you get a free, no-obligation second opinion on your accounts.
We are able to save people money in 4 out of 5 cases, and can usually reduce a company’s tax bill by 30%-70%.
All it takes is a no-obligation 15 minute, confidential phone call to discuss your accounts, and we can accurately diagnose if there are any ways to reduce, eliminate or restructure your ATO debt.
Even if you have an accountant already, we will uncover the tax-saving opportunities that most “vanilla” accountants miss (or don’t even know exist).
In some cases people delayed getting in touch with us, and then it was too late for us to help them.
They ended up paying more tax, and in some cases people even lost their businesses.
Imagine how’d you feel if you paid thousands more (or totally lost your business) simply because of procrastination.
Just leave your details in the confidential form below and one of our advisors will call you back ASAP to discuss your matter.
We started out as a little bookkeeping business, many years ago.
We soon grew to a full-service business accounting firm with specialist in-house expertise in tax planning, tax accounting, management accounting, financial accounting and strategic forecasting and trend analysis.
Emergency and Preventative Accounting came about because we were stunned and horrified at how often we were finding issues with people’s accounts… and how big some of them were – both in dollar and human damage terms.
We coined the phrase ‘search and rescue’ for the clients who really needed some decent attention and a complete fix-up and until recently, that’s what we called our Emergency Accounting service. As people began to hear about us and seek us out for this kind of work, we became involved in more drastic situations where people were really suffering.
One CEO had lost everything, including his marriage and was living in a shoebox apartment with no fridge for six months before we met him and helped him sort things out. Another was up for unpaid superannuation worth hundreds of thousands without realising more than that had been siphoned out of the company by an ex-employee over a number of years.
Many were facing unnecessary liquidation and loss of property. Marriage breakdowns, health issues and enormous reputational damage were not uncommon.
Almost every client we saw was blindsided and bewildered. And these were competent, intelligent, successful men and women on the whole.
The good news is that we are able to help the vast majority of people who come to us. Sometimes we can help a lot, sometimes we can help a little but one thing is for sure, we’re entirely committed to getting the very best outcome for each and every client we take on.
Because the work we do is actually about saving people’s lives from the havoc a financial crisis can wreak, we can relate more to the work of a hospital emergency room than the accounting industry in general. And that’s how we see ourselves today – Specialists in Emergency & Preventative Accounting.
It was easy for us to make this connection too because our founder, Catherine McMurtrie has a background in the medical industry and we already had systems in place that had been designed on the ER style format… Codes for various levels of emergency… A step by step ‘triage’ approach to allow us to thoroughly investigate and find issues quickly and so on. Most importantly though, we know how critical it is to care for the ‘patient’ as much as the problem.
Most of the clients we helped in an emergency became ongoing clients automatically. They simply didn’t want to risk facing major issues again.
It simply made sense for us to develop robust processes to maintain accounting systems over the long term. The packages we offer today provide a wide range of businesses with everything they need to be able to have confidence in their accounts and financial situation in the future, offering all of us peace of mind!