How does the ATO vote on proposals to avoid bankruptcy

Facing unmanageable tax debt? A Personal Insolvency Agreement might be your solution. However, the ATO's vote can be pivotal in such proposals. Generally, the ATO supports arrangements without adverse features and those that ensure the Commonwealth receives a fair proportion of the debt within a reasonable timeframe. They value detailed reports from Trustees and consider a debtor's compliance history. From our experience, the ATO favors proposals from compliant taxpayers and expects more than a nominal return on their debt. Need guidance? Contact Pearce & Heers for expert advice....