Announcements
Are you a tax professional needing a bit more time to lodge? Check out how to apply online for a deferral, or ask the Community!

ATO Community

Can't get SME loan because of ATO debt

Initiate

Views 408

Replies 1

I am out of stock and have had low sales the past 3 months and now have some sales coming in but no stock. My customers don't pay upfront, because they are government schools and the government schools demand a month to pay after the product is delivered.

You would think that I could get the SME loan for small business from the government, but I have a tax debt and no bank will help me buy products for confirmed sales, let alone re-stock my warehouse. Why has the ATO made this requirement that businesses can't get any loan if they have a tax debt? Was it to kill off all the struggling businesses?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 0

It's a really difficult time for so many businesses right now. What are your other options eg. have you looked into early release of super? All the best, I hope it all works out for you.

1 REPLY 1

Most helpful response

Devotee

Replies 0

It's a really difficult time for so many businesses right now. What are your other options eg. have you looked into early release of super? All the best, I hope it all works out for you.