An ATO Garnishee Notice gives the Australian Tax Office the power to collect an outstanding tax debt from companies.
The most common type of ATO Garnishee Notices will be issued directly against your bank account.
But you need to be aware that the ATO can also issue a garnishee notice against your debtors (i.e. customers who have an outstanding account with your business).
Either way, when an ATO Garnishee Notice is issued you must act immediately!
RECEIVED A GARNISHEE NOTICE? ACT FAST! Call Us Today On 1800 981 070
If ignored an ATO Garnishee Notice may have a serious impact on your company’s cash flow which could lead to your company being unable to meet your payroll and other business expenses.
In March 2014, the newly appointed Commissioner of Taxation (Chris Jordan), signalled a change in the ATO’s approach with collecting large tax debts from companies. It will no longer wait until a corporate tax debt exceeds $340,000 before initiating debt recovery procedures (such as a garnishee notice or winding up proceedings). The ATO will now intervene earlier and will not allow debts to escalate out of control.
Don’t allow your company tax debt to escalate out of control! You will achieve the best outcome if you take action early, so call us now on our 24 hour toll free insolvency hotline.
For more information and free advice on ATO Garnishee Notices or a Company Liquidation call ACL today on 1800 981 070.
A Queensland couple forced to place their Cold Rock Ice Creamery franchise into business liquidation are the latest to join a growing group of disgruntled franchisees unhappy with the lack of support from their franchisors.
Aaron and Kylie Gibson who bought their franchise store in December 2010,blame their need for business liquidation on their franchisor, who they claim did not respond to the couple’s “countless” emails and phone calls regarding their concerns about the business’s declining financial position.
The final result? The couple had to file for business liquidation after failing to find a buyer for the business, despite dropping the sale price to just $9000.
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FOR YOUR BUSINESS
The Gibsons said they had also come close to losing their home and had invested a significant amount of their own money in an attempt to keep their insolvent business afloat.
If your franchise has also been forced to face business liquidation, Australian Company Liquidations (ACL) can make the process of winding up your company easier. We are a team of fully licensed and registered liquidators who are experts in the field and specialise exclusively in business liquidations.
Understanding the financial stress of business liquidations, we offer our services at the lowest price.
Contact us today on 1800 981 070 for more information on our services.