Should I take out a loan to pay off my $60k ATO tax debt?

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pandbrokerwhisper

New Member
Has anyone taken out a loan to pay off a tax debt to the ATO? The debt is around $60,000 and I'm paying interest on it to the ATO. I'm wondering if getting a loan to pay it off would be a better option to clear the debt and pay less interest.
 
Speak to an accountant. But pretty sure the ATO does interest free, and you can just pay the debt off that way interest free, no extra hassle. If you got a loan, though, you'll be making that debt harder to pay off.
 
Oh, that's definitely a better way to go about it, love – since you can't claim the interest the ATO charges, but you can claim the interest from a finance borrower to pay it out.

Just be super careful, sweetie, and don't do this under cashflow finance with lenders like Prospa or Lumi, because they're ridiculously expensive and will set you back.
 
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