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What happens if you get lumbered with a big tax bill but dont have the money to pay?


What happens if you get lumbered with a big tax bill but dont have the money to pay?

What if you cannot pay your tax debt on time?

If you cannot pay your tax debt on time, you should phone us on 13 25 50 (interactive voice response system) or email us at debtpayment@ato.gov.au and explain your reasons.

In some circumstances, you will need to provide written details of your financial position, including a statement of your assets and liabilities, and details of your income and expenditure.

We will also want to know what steps you have taken to get funds to pay your tax debt, as well as what you have done to make sure you meet future tax debts on time. We may give you extra time to pay, depending on your particular circumstances.

If we allow you to pay your tax debt late, you are required by law to pay the GIC. The GIC is tax deductible in the income year in which it is incurred. The law also provides for remission of all or part of the GIC in limited circumstances. Source(s): http://www.ato.gov.au/individuals/conten...
The IRS will notify any potential employer and begin garnishing your wages. Trust me, just pay your taxes. Sell a kidney if you have to.
Actually, the IRS will let you make payments. The only drawback is the interest is very high. I would make a loan and just pay it. Wouldn't it be nice if we could charge them interest for holding our refunds so long?
In the UK a warrant of execution will be ordered by the magistrates that gives the right to the people u owe money to to enter ur house and repo ur belonings, sell ur house, attach an earnings deduction to ur salary etc..being commonwealth i would have thought ur system wont b much different
You can call the Tax Department and ask to speak to someone that can help you set up a payment plan for what you owe.It's better to be up front than to avoid the situation.You will only make it worse.
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