Now that tax debt is finally due and, with the economy still emerging from the pandemic, is a short-term business loan the answer?

A double-edged sword

At the time, the ATO decision, much like the Reserve Bank’s decision to leave interest rates alone, was a welcome relief. Together and along with a swathe of other tax breaks and government support packages – both business and personal – many enterprises managed to stay in business. Even if it was just by the skin of their teeth.

However, these support packages were only temporary and, despite accountants across the country urging their clients to keep paying tax if at all possible, many people (understandably) put their tax liabilities onto the back burner as they concentrated on keeping rooves over heads and hungry mouths fed.

Your business tax needs to be paid

Fast forward to Q2 FY2023 and the ATO is now sending out notices advising all that tax you haven’t paid for the last three years is now due. If you don’t pay, you might have to start paying interest. And while the ATO continues to work with businesses, you need to find a way to get that tax bill paid.

Business bridging loans

If you’ve tried refinancing to pay down your tax debt, chances are your lender has looked at your tax portal, flinched at all those zeros and declined to loan you the funds until you pay the tax debt.

But what if we told you there was a solution? Another way. Like a short term business loan, for example.

Strive Financial can lend you the money you need to pay the company tax debt and bring the tax portal up to date.

So how does it work?

Let’s say you owe the ATO $200,000 and your usual lender – maybe one of the big four – won’t loan you the money to pay the tax debt. However, they will lend you the money to payout your second mortgage with Strive Financial.

Here’s how it works:

1. Apply for a bridging loan with Strive Financial using our handy online loan calculator. The calculator helps guide you through the initial application process. We offer short term loans ranging from $20,000 to $3,000,000. And with repayments terms from just four weeks to 3 years, we’ve got a loan for every business.

2. You use the funds to pay off your tax debt.

3. You go back to your usual lender, they check your tax portal and are now happy to repay your Strive Financial loan.

4. Your bank or lender repays us and….it’s done.

And the best part?

You now know fast funding is a truly viable business option for those moments when there’s no time to wait for ‘paperwork to process’, you just need the money. Fast. Whether you need the funds to deal with cashflow issues, a once-in-a-lifetime business opportunity or even just to rid yourself of a weighty tax debt, fast finance is without a doubt your new best friend.

How fast is fast finance?

How about this time tomorrow? Yep, we can fund loans in about 24 hours.

Once you’ve supplied us with all the necessary paperwork and your security has been confirmed, your business bridging loan can be in your bank account within 24 hours.

While you may not need funds quite that fast to settle your tax debt with the ATO, if their letter has been sitting in your too hard basket for a while, all that stress and worry can be gone in as little just one day.

Sounds good, huh? Especially if this has been playing on your mind for months, maybe even years. If you’re ready to welcome back the peace of mind knowing your tax debt has been repaid in full, get in touch because we’d love to help you out.