Tax debts for business can affect your credit applications

If you have a small business tax debt over $10,000 and it is at least 90 days overdue, the tax man will disclose this information to credit reporting agencies. This is a new measure announced during the federal governments’ mid-year budget update in order to encourage tax debts to be paid off faster. The only way around avoiding your tax debt being reported to credit agencies is to pay it off.

If you have an existing tax debt, you should check out this article.