It would be an understatement to say Michelle was freaking out when she was referred to us. She was a Sole Trader with a personal tax debt of $150,000 and another 3 years’ worth of returns to do which would pile on top of the debt.
The ATO was threatening her with Garnishee Notices and potential prosecution.
We jumped to it and found we could cut the existing debt in half by taking out accumulated interest and penalties. We then made arrangements for Michelle to pay off the remaining $75,000.
Once the immediate issues were taken care of, we restructured Michelle’s business into a Company structure and lodged the outstanding returns, bringing her entirely up to date and compliant.
With her business on the brink of folding and personally facing bankruptcy and even prosecution, Michelle was elated with the outcome and, as many of our clients do, moved all her accounting and tax work over to us.
* This is a real case study, we’ve just changed the client name to protect their privacy.
Tax Agent Fraud
The Black Economy: using cash to avoid tax or wage payments
It’s time to get ready for Single Touch Payroll
What do you mean by ‘Fake Expenses??
Is this your problem?
What does the ATO think About “Joining a Client for Lunch”?
Why EPAS?
The Specialist
What’s the unspoken secret of Australian businesses?
Poor accounting and the wrong structures
It would be an understatement to say Michelle was freaking out when she was referred to us. She was a Sole Trader with a personal tax debt of $150,000 and another 3 years’ worth of returns to do which would pile on top of the debt.
The ATO was threatening her with Garnishee Notices and potential prosecution.
We jumped to it and found we could cut the existing debt in half by taking out accumulated interest and penalties. We then made arrangements for Michelle to pay off the remaining $75,000.
Once the immediate issues were taken care of, we restructured Michelle’s business into a Company structure and lodged the outstanding returns, bringing her entirely up to date and compliant.
With her business on the brink of folding and personally facing bankruptcy and even prosecution, Michelle was elated with the outcome and, as many of our clients do, moved all her accounting and tax work over to us.
* This is a real case study, we’ve just changed the client name to protect their privacy.