QLD Other Options to Paying Off Tax Debt?

[Dougie]

To pay off a tax debt, I have offered to sign over my superannuation from my time in the Defence Force over 20 years ago. Why is it they wouldn't accept this, as I have no savings or assets?

My alternative seems to be to apply for Bankruptcy which I don't want to do.

Any ideas please

 

[Tim W]

Will your super fund agree to this?

 

[settle]

You should apply to ato for release of the tax debt due to serious financial hardship

This also depends on what type of tax debt it is

 

[Dougie]

Thanks settle, have gone down the debt release path.

What is frustrating is everyone says you cannot pay your debt with superannuation, but nobody is yet to produce where it actually stipulates that in writing.

 

[settle]

Tell me the specifics of the tax debt to give my opinion.

 

[Dougie]

I owe approximately $30k, $21k PAYG and $9k for HELP. I have no assets. I actually offered the superannuation over 5 years ago, and was told last year cannot be done, without actually stipulating where it says that.

 

[settle]

Please clarify the $30k. Is it GST debt or is it income tax debt?

I'm assuming this ATO debt is in your own individual name or is it in a corporate entity?

 

[Dougie]

Own name

 

[settle]

Please clarify the $30k - is it GST debt or income tax debt?

 

[Dougie]

Income debt from 2004, 2005