Hi,
My business failed a while back and I am left with substantial debts to the ATO comprised of Income Tax debt including penalties and interest, and substantial GST debts arising from my sole trader status. These debts arose from my own failure and poor compliance which I am now working hard to turn this around.
However, the debts to the ATO are simply insurmountable and ATO has rejected all my requests associated with this debt.
I now have to consider voluntary bankruptcy.
I understand that all "finalised" income tax debt would be discharged under such bankruptcy. However, I am unclear whether that would include the penalties and interest, or the separate GST debt.
Appreciate it if anyone can provide information on this.
My business failed a while back and I am left with substantial debts to the ATO comprised of Income Tax debt including penalties and interest, and substantial GST debts arising from my sole trader status. These debts arose from my own failure and poor compliance which I am now working hard to turn this around.
However, the debts to the ATO are simply insurmountable and ATO has rejected all my requests associated with this debt.
I now have to consider voluntary bankruptcy.
I understand that all "finalised" income tax debt would be discharged under such bankruptcy. However, I am unclear whether that would include the penalties and interest, or the separate GST debt.
Appreciate it if anyone can provide information on this.