We know debt may not be the top of mind conversation for customers at the moment with the current COVID-19 situation. We also know that most tax agents prefer us to contact them in the first instance concerning client debt.
We’d like to help with the conversations between you and your clients, so your account manager may contact you soon to discuss any clients that have high levels of debt. They’ll be asking you to engage with your clients to understand their current situation and ability to resolve their debts. This can include a range of options like taking advantage of the payment arrangements with the aim of having debt repaid by 25 March 2022, before the COVID-19 penalty and interest remissions expire for tax payments due on or after 14 February 2020.
If your client intends to use tax pooling, then this should give the client time to instruct the tax pooling company to inform us of their intention. We'll give you time to work with your clients or give us the go ahead to talk directly with them.