I just thought you might like an update on tax debt funding under The Federal Government’s SME Recovery (SMEG) Loan Scheme that will close on the 30th of June 2022 and a recent success I have had for a client.
The client is an electrical contractor with a well-established business and had taken the opportunity to defer Tax payments during COVID. However, it became time to address the Tax issue as the ATO started to require payment of the outstanding amount and sought a substantial first payment to approve a payment plan.
The solution for the client was to borrow under the SMEG scheme using a trade finance facility that provided the funding needed to provide the first payment to the ATO and the additional working capital and liquidity to service the ongoing costs to the ATO.
Turn over 2 million
Tax Liability $340,000 (17%of TO)
Fix Rate facility for five years
Rate 7.5%
I’m happy to talk about this with you to see if I can help you or your clients.
Martin Cattach
+61 407 477 555
How to pay your tax debt and grow your business:
https://calendly.com/martincattach/how-to-pay-your-tax-debt-and-grow-your-business
