What to do when you have ATO tax debt

Have you found yourself in the following situation?

You have sold your investment property, or shares at a profit, and have spent the cash. You prepared your tax return and found out you have to pay capital gains tax.

You have started your own business in the last 12 months, cash flow is tight with slow paying clients. You have outstanding business activity statement debt.

You have lodged your tax return that resulted in an income tax debt.

Whatever your reason might be, you have ATO tax debt. The amount is falling due, or is overdue.

But you cannot come up with the funds to repay the debt in full.

What should you do?

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