WA DOES BANKRUPCY WIPE OUT ATO GST TAX DEBT AFTER BANKRUPCY PERIOD HAS OCCURRED

Discussion in 'Debt and Bankruptcy Law Forum' started by MR PETER VINCENT, 2 August 2019.

Tags:
  1. MR PETER VINCENT

    Joined:
    2 August 2019
    Messages:
    1
    Likes Received:
    0
    MY QUESTION I NEED LEGAL ADVISE WITH IS,
    IN 2003 I WAS INVOLVED IN A PARTNERSHIP RESTAURANT LEASE THAT WAS SOLD AND THE BUSINESS CEASED ALSO IN 2003..
    AT END OF BUSINESS TRADING THE RESTAURANT HAD A GST TAX DEBT OWING OF $10,000 THAT WASNT PAID.
    IN 2005 THE BUSINESS AND PERSONAL PARTNERSHIP COLLAPSED AND I DECLARED BANKRUPCY FOR MYSELF PERSONALLY.
    FROM 2005-2009 I LODGED PERSONAL TAX RETURNS THAT SHOWED ESTIMATED TAX REFUNDS TO MYSELF EQUAL TO APPROX $4600,OF WHICH WAS NEVER REFUNDED SO I ASSUMED THIS MONEY WAS KEPT IN PAYMENT OF OUTSTANDING BUSINESS DEBT.THE TAX DEPT ATTEMPTED TO RECOVER OUTSTANDING DEBTS FOR THE BUSINESS FROM MY PREVIOUS BUSINESS PARTNER BUT DECIDED AFTER CONSIDERATION NOT TO PURSUE DEBT RECOVERY FROM THIS AVENUE.BECAUSE OF TAXATION DEBT ACTIONS FOR THE PAST 10 YEARS I HAVE NOT LODGED ANY INCOME TAX RETURNS UNTIL ONLY IN THE LAST WEEK HAVE INSTRUCTED MY ACCOUNTANT TO BRING MY TAX UP TO DATE AND AS A RESULT THEY HAVE JUST LODGED ALL TAX RETURNS FOR ME FROM 2009-2019 IN ONE GO IN THE LAST WEEK WHICH WHEN ALL PERSONAL TAX REFUNDS FOR THIS PERIOD ARE TOTALLED ,GIVES ME A HEALTHY TAX REFUND I WAS NOT OTHERWISE EXPECTING BUT COULD VERY MUCH USE TO HELP MY FINANCIAL SITUATION.HAVING VISITED THE ATO MYGOV WEBSITE THERE APPEARS NO OUTSTANDING DEBT OWING SO I NEED TO KNOW IF AFTER ALL THIS PERIOD OF TIME AFTER THE FINALISATION OF MY BANKRUPCY THAT THE PREVIOUS TAX DEBT IS NOW FINALISED OR CAN THE TAX OFFICE LEGALLY WITHHOLD SOME OR ALL OF MY ESTIMATED FUNDS OWING FROM MY RECENT TAX LODGED????????>?>?>
     
  2. Rob Legat - SBPL

    LawTap Verified

    Joined:
    16 February 2017
    Messages:
    1,962
    Likes Received:
    417
    Ask your accountant. They’re the experts on taxation and dealing with the ATO.
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
Loading...

Share This Page

Loading...
gt;