In 2001 ATO disallowed deductions for Y/E 30/6/97. I notified them that I disagree but do not have the money to take them to court. So nothing happened except that they continue to hit the initial bill (approx $17,000) with interest (16%) but do not ever take any action to recover it except every year when I lodge my tax return they snaffle any rabate due to me. How long is this going to go on for?
2007-04-03 16:12:21 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Australia
There are no barrs or limitations on a debt to the crown - so the debt will exist forever.
The ATO can have a debt reinstated even after someone has gone bankrupt and then later is in a strong financial position.
If you disagree with a decision there are various appeals processes but these must be pursued within a reasonable time frame (2 years amendments, 4 years other matters). I am not sure what you mean by take them to court as the process is initially internal before heading to the AAT (Administrative Appeals Tribunal).
I would suggest that you make an attempt to pay the debt because it will continue to rack up interest (General interest charge, aka GIC) and the ato interest rate is generally higher than that of banks. Some people actually take out loans to pay ATO debts to save on interest costs.
[How to lodge an objection & time period]
http://www.ato.gov.au/taxprofessionals/content.asp?doc=/content/55386.htm&page=7&H7
[GIC]
http://www.ato.gov.au/superprofessionals/content.asp?doc=/content/2832.htm
2007-04-04 01:11:25 · answer #1 · answered by magpiez 5 · 1⤊ 0⤋
Statute Of Limitations Australia Tax
2017-01-11 16:36:43 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Possibly forever. Is there an administrative hearing process available (at a lower level of adjudication than a real court)?
2007-04-03 16:18:19 · answer #3 · answered by bullwinkle 5 · 0⤊ 0⤋
They can't report on your credit 7 years after the last activity.
Are you talking to them? If so, they can renew the account every time you speak. Try this:
www.clarkhoward.com
Also, set up a consultation with an attorney. It doesn't cost much and you should get definitive answers to your questions.
2007-04-03 16:17:04 · answer #4 · answered by aquaman2964 3 · 0⤊ 1⤋
Its a long process in the court, the right way is to consult your lawyer.
2014-11-14 12:33:02 · answer #5 · answered by Anonymous · 1⤊ 0⤋
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2015-01-04 13:25:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋