Face the tax facts

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.

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