Business as usual. We're open for face to face meetings, phone and video calls.

Is your businesses suffering? Contact Bankruptcy Advisory Centre for bankruptcy advice, liquidations, and administration. Your one stop shop.

Getting Assistance For ATO Debt And Finances

Lost Your Job Due To COVID And Struggling Financially?

Financial problems can be a challenging experience, but the added burden of losing your job, it can become massive distress for the entire family. With the recent mandatory vaccination in Western Australia, many of those against vaccines have already lost their jobs and are struggling financially while also trying to get out of tax debt.

Many people have lost their jobs due to COVID vaccination mandates in WA and have issues with ATO debt. With a lack of monetary flow, debt management can become difficult. Moreover, the Australian Taxation Office (ATO) can take the necessary steps that could lead to legal actions.

If you are in such a situation, it is important to take the right measures and consult the experts to help you out.

COVID Vaccination Mandate in WA

More than 40,000 people working in Western Australia are estimated to lose their jobs if they refuse the compulsory vaccination for COVID. According to a survey, around 5% of the workforce in the state are still on the fence about getting the mandatory vaccinations and 3.7% are anti-vaxers with no intentions of getting vaccinated.

An estimated 39,000 workers are subjected to the mandatory vaccine requirement because of the nature of their jobs, including coach sports, sports coaches, daycare centres, receptionists, dental assistants, nurses, firefighters, police, FIFO workers, truck drivers, delivery drivers, logistics workers, and more. Losing their jobs due to these mandates has resulted in these workers facing tax debt and other tax problems.

With the loss of their jobs, many people are now in financial distress, particularly with their taxes. Often, people leave the tax payment for later and neglect to take proper measures to make the process manageable, resulting in tax debts. This has now become an alarming concern, with many anti-vaxers losing or on the verge of losing their jobs.

Having an outstanding tax payment means the Australian Taxation Office (ATO) can take the necessary steps to recover the unpaid tax debt. It is essential to be aware of the procedures and steps ATO can take in order to ensure you take the appropriate actions to prevent the situation from going worse. It is important to get the right advice with taxes to get back on track and avoid further major financial problems.

Steps You Can Take To Reduce Tax Debt

You might be tempted to resolve your ATO tax debt is to applying for a loan to pay off debt. While this could be a solution in some cases, it could

1.     Cut Down on Discretionary Spending

Start by cutting down on your discretionary spending, which are the nice-to-have things that you might not really need. These are the purchases that are not basic necessities but are referred to as quality of life purchases, which you can easily go without.

Some examples include:

  • Concert tickets
  • Gym memberships
  • Holiday expenses
  • Luxury clothing
  • Personal grooming services, like salon visits
  • Restaurant meals, including takeaway and dine-in
  • Travelling costs
  • TV/movie/music streaming subscriptions, like Netflix and Spotify

2.     Establishing and Sticking to a Budget

One of the most effective ways of credit management is creating a house budget to reduce spending. While it might seem overwhelming, making a budget is not really complicated. It is merely a plan about where you will spend the money.

Avoid overcomplicating the budget. The simplest way of making an effective budget is by categorizing your expenses into wants, needs, and goals. This will not only help you spend your money responsibly but will also help you in monitoring and reducing your expenses. This, in turn, will help you with the ATO debt and other tax payments.

Keep in mind that it is essential to allocate a specific amount of money every month toward your financial goals. Your main objective should be to pay off debts and any taxes you owe to avoid further financial crises.

Aside from this, you should also include small goals to help you achieve financial success. Some major steps you can take to create a budget is by:

  • Determining your existing income
  • Identifying fixed monthly bills, including rent or mortgage, insurance, car payment, utilities, etc.
  • Highlighting your needs, including food, medical expenses, gas, etc.

Whatever will be left would be discretionary spending. However, before that, you need to allocate a specified amount to make debt repayments and save a certain amount in your emergency fund.

3.     Lowering Your Expenses

Once you have created a budget for the house, determine how to cut down on spending to manage your debts. A budget will help you identify your unnecessary expenses so you can figure out how to reduce spending. If you are confused or overwhelmed about your financial situation, consulting a professional debt management service is highly recommended.

How BAC Can Help With Your ATO Debt And Other Finances

While there are multiple reasons and circumstances that can push you toward financial trouble, losing your job due to COVID mandates can be even more stressful. Fortunately, there are ways to get out of ATO debt and other financial problems.

The Bankruptcy Advisory Center offers a no-obligation, free consultation regarding your financial solution to discuss your options. Our team works across Australia to provide free financial advice related to ATO debt, debt relief, and whether or not bankruptcy or insolvency is the right solution for you. Using the right professional bankruptcy assistance, you would be able to make an informed decision and come out of your financial problems. Get in touch with us for a free consultation

 

Reviews

  • As a Trustee in Bankruptcy, Ross Thomson is often required to think outside the box. As well as creative thinking, Ross brings compassion to the table.

    For Ross, it’s important to see the people behind the financial problem –not just numbers.

    Ross recently helped a bankrupt client who lives in a retirement village with her seriously ill husband.

    The unit she & her husband live in is not owned by them, but subject to a 20-year lease.

    The money to be repaid by the management was due only at sale, when the client finally left the retirement village.

    Sale of the unit was likely to take several years &, if he did sell the couple’s unit, Ross realised he would be effectively evicting them from their home, without resources or family to help them.

    Ross decided to contact the retirement village management & put a proposal to them that they prepay some of the moneys they would otherwise pay the client.

    The village management considered the proposal & have agreed to prepay some of the moneys otherwise due.

    The client is relieved that she will not be evicted & can now concentrate on helping her husband through his health issues.

    The moneys paid represented about 75% of what would have been available to creditors if they waited two years.

    It is a win for the client and for the creditors.

    Melinda
  • I made an appointment with Andrew after finding him on google. I was nervous and apprehensive about what to expect but he made the process of bankruptcy extremely uncomplicated and stress free, allowing myself the opportunity to get the fresh start I was so desperate for. Thank you Andrew I could not recommend you enough.

    Kristy
  • Making the decision to go bankrupt was not easy however once I had spoken to Andrew i felt all my anxiety disappear. Andrew does not judge you and he has an innate ability to put you at ease. He took care of the whole process for me again reducing the stress involved with completing paperwork.
    Thank you very much.

    Hayley Eastough
  • I will definitely recommend Andrew Bell to anyone contemplating bankruptcy. Don't wait! Andrew is there to help. With his knowledge, he can advise you of the best path to take and assist with the mind boggling paperwork.

    Best of all, he is there for you through your entire bankruptcy period. Get your life back, it's not as bad as you think. Thank you Andrew for lifting the burden and allowing me to move on.

    Karilyn Mahon
  • I saw Andrew for 'advice only' on possible bankruptcy due to a divorce. Left an hour later with the paperwork all done and feeling like a new person!

    Andrew was extremely welcoming and made me feel so comfortable with my decision to proceed immediately.

    This was the best investment I have ever made and cannot speak highly enough of Andrew. He doesn't just give excellent service his follow up afterwards is amazing. Thankyou Andrew you made my 'new' life so easy to achieve!

    Vicki Johnston
  • Andrew was very helpful in helping me through the bankruptcy process, as a single mother left with a massive debt from my ex and our previous marriage. I was struggling to keep my head above water on a week to week basis.

    Andrew made me feel at ease immediately and helped me every step of the way, he happily and professionally answered any and all questions I had before, during and after the process. Thanks so much for your help Andrew!

    Aisha Edmonds
  • Would highly recommend Andrew to anyone having financial difficulties. Andrew made me feel very comfortable - he took care of everything and keep in regular contact with me throughout the whole process.

    Service was fantastic and he also keep in regular contact with me when everything had been finalised Thanks Andrew! can now get my life back on track.

    Cassandra Walsh
  • Very prompt service and excellent source of knowledge and information, I highly recommend Andrew's service for a quick turn around of circumstances.

    Eve Damjanovich
  • Andrew put my mind at ease in one easy appointment. Very satisfied with the outcome and service provided. Highly recommend Andrew.

    Tracey Douglas
  • Andrew was a steadying hand with his advice.Showing that things aren't as bad as first thought nor any obstacle insurmountable. If you have questions needing answers, Andrew is the person to ask. Thanks for your advice Andrew.

    Shane Thompson
  • Andrew was very knowledgeable, caring, helpful and compassionate when I went and saw him. He made me feel that I wasn’t the loser and failure that I thought I was being. Even down to the box of tissues on the table.. which I needed. Highly recommend to go see Andrew if your struggling. There is life after!

    Joanne Parker
  • Andrew and his team do an excellent job of helping their clients with bankruptcy advice and it is a pleasure to work with him.

    Gareth Lane
  • Don't hesitate contacting Andrew, I was stressed, struggled sleeping through debt. Andrew put me at ease. He listened to my situation and we decided on my next move. Andrew is professional and easy to talk too. I would recommend highly to anyone who wants help to give him a call. I appreciate your support Andrew. Regards Brett.

    Brett
  • Andrew has given me back my life!!! After living paycheck to paycheck, I didn’t know what to do. Until I made the big step and booked an appointment with Andrew. As soon as I left his office I felt a huge weight lifted!!!

    Deezy H
  • Andrew was prompt, organised, friendly and efficient with the processing of my documents and made everything very simple for me so I didn’t need to deal with the added pressure and stress. Thank you Andrew for allowing me to start afresh and getting it done within a matter of weeks.

    Kristy-lee

Fill the form below to download our Free Expert Bankruptcy Guide

What you need to know before declaring bankruptcy