Clearing out a tax debt
It’s that time of the year again in Australia when we are getting ready to settle our end of year tax obligations but for some, it may turn out to be quite a nasty surprise or, then again, it may be that the past has finally caught up with them.
Either way, you could find yourself in the position where you have to pay back a tax debt that you can’t afford and have to come to an agreement with the tax office to pay it in instalments that may come with a very high interest rate.
There is an alternative available that could be of interest if you have enough equity in your property in that there are some lenders that will let you refinance and pay out the tax debt at the same time but it is not the norm by any means.
Refinance can be up to 90% LVR if it is against a residential property, 75% if it is a commercial property and a maximum advance rate of 90% in the case of Debtor Finance.
Contact FinancialPlus for more information