Can I Refinance an ATO Liability to Reduce My Business Costs?
In 2017, the Australian Tax Office received the power to make public small business owners who owed over a certain amount in tax liabilities. Additionally, a small business owner’s ability to borrow is impacted by tax arrears. So, it’s in the best interest of entrepreneurs to take care of that debt. A small business has a lot on its plate, especially financially. As you figure out how to make a profit and stay in the black, your business is going to find its way through the debt jungle.
If your company has ATO liability, it is possible to refinance it so you can reduce your business costs. Mortgage House can help.
An individual in ATO debt arrears cannot procure additional debt from lending institutions. Instead, a lender may be able to help the individual borrow against a property that they own. The property is used as collateral for the loan. Once you receive the funds, pay off your ATO debt, which gets you off their list and allows you to start borrowing new debt again.
Now, you owe the new loan amount taken out against your property. At this point, there are additional financial tools that help you offset some of the costs associated with the debt, namely the interest rate charge.
ATO Liability Conclusion
Thanks to innovative and forward-thinking financial tools, individuals have more ways to leverage a positive financial situation and get out existing debt such as ATO liability. Our Mortgage House team is ready to explore your circumstances and offer solutions such as a business loan.