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Er since his debt is $320k - it surpasses the maximum threshold for a Part IX (which is around 45k)
Okay debt is $320k... do you think the ATO would do a deal for $70k?
What is this meeting specifically and who sets it up? If you're trying to do a deal, is there someone better to call than just calling your creditors directly?
Thanks again for the knowledge, it's really appreciated.
How would a 2nd or 3rd job pay off a $300k debt? To pay off that kind of debt, you'd need to pretty much earn $600k.
Maybe you can be the CEO of 3 different banks
I think what smiley was saying is something that applies to many professions... let's take property managers for example: They don't all think alike and they don't all know 100% of what it takes to be a good PM, so sometimes you need to take what's good from one PM and 'teach' it to another so that you get all the expertise you require being carried out by just one person.
I say just suck it up, and pay up (eventually).
So you rorted on your taxes, and now you have to pay up?? Is that correct?
Well a $320K Personal Income Tax ATO debt suggest either many years of not paying tax, or a large income on which a lot of dodgy tax minimisation happened. How else do you accumulate so much.
So while not paying tax like the rest of us, he bought 2 properties, and somehow now he should be allowed to protect them, and wipe his hands clean via bankrutpsy. I don't think so.
Maybe arrange a payment plan with the ATO.
The Trustee in Bankrutpcy may call a meeting of creditors and the creditors may need to vote on certain things - such as accepting a payment of x cents in the dollar (money which you could get from friends) in exchange for you to avoid bankruptcy.
Not as simple as that. Yes I was late with some bills a long time ago when I earned a lot but the bills were large from a lack of 'dodgy tax minimisation'. Absolutely everything declared resulting in big bills. And have struggled for years to catch up with it with various payment plans but have never been able to get on top of them.
Thank you this is very helpful because I thought bankruptcy was set in stone once you appointed a trustee. I didn't realise a bankruptcy trustee was a person who could also help you avoid it.
No, I call it late because I always fully intended to pay it, but was unable to on time as it was tied up. What it was tied up in went south unfortunately and ceases to exist. It's not a 'dodge' to invest in the wrong business and end up losing everything. I didn't lose it all on purpose.You call it "late" because the ATO eventually caught up with your tax dodge.
Me neither, which is why I always fully declare everything and work up huge bills as a consequence.I personally don't have time tax cheats.
You would still have the stigma of having been bankrupt though.
I can think of several disharged bankrupts that are now multimillionaires and a lot of them consider it a badge of honour
I bet you the creditors they screwed don't feel the same way.
Even at a $48% tax rate, I can't see how that much was accumulated without deliberately not paying tax. You call it "late" because the ATO eventually caught up with your tax dodge.
I personally don't have time tax cheats. We pay a combined tax bill of $70-75K/yr.
I don't believe you should be able to save your homes. Many others struggle to even get into property because they actually do the right thing.
Maybe check with Christopher Skase in Majorca on some accountant recommendations.
he invested in a business and did his dough and is now virtually worth nothing... what do you want from the guy?
Bluestorm,
Can't believe I'm actually agreeing with you.
sure, but it's misplaced emotion. without the clean slate they would have been condemned forever and therefore the creditors no better off.