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iamahugemess(Initiate)Initiate
18 June 2024

So basically I am 4 years behind on tax returns. Incredibly moronic I agree.

in the meantime I didnt realise my HECS debt was not being taken out of my pay automatically. I am now facing tax backpay (which I think I could manage) as well as 4 years worth of HECS- almost my original debt paid off.

on my income I cant afford to repay 120k of debt in 3 years. There is no way. I pay a mortgage and bills by myself.

what are my options here? Am I going to be bankrupted?

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507 views
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Most helpful reply

BrookeATO(Community Support)Community Support
18 June 2024

Hi @iamahugemess


I understand this can be stressful, but we do want to work with you and help you through this.

 

With any tax debt, you can set up a payment plan if you’re unable to pay the debt in full.

 

Depending on the size of the debt, we may ask for your 'Capacity to Pay'. Which basically means looking at your budget (income vs expenses). By getting this info from you, we'll be able to come up with a payment plan that'll work with your budget.

 

In your case, it may be best for you to contact our Lodge and Pay team. They'll explain everything in more detail.

 

Please reach out if you need more help.

All replies

Most helpful reply

BrookeATO(Community Support)Community Support
18 June 2024

Hi @iamahugemess


I understand this can be stressful, but we do want to work with you and help you through this.

 

With any tax debt, you can set up a payment plan if you’re unable to pay the debt in full.

 

Depending on the size of the debt, we may ask for your 'Capacity to Pay'. Which basically means looking at your budget (income vs expenses). By getting this info from you, we'll be able to come up with a payment plan that'll work with your budget.

 

In your case, it may be best for you to contact our Lodge and Pay team. They'll explain everything in more detail.

 

Please reach out if you need more help.

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