There is no doubt that the tone of the Australian Taxation Office (ATO) has shifted from one of sympathy and understanding during the Covid pandemic to a business-as-usual debt collection mode.
It is warning businesses to take their tax and super guarantee (SG) commitments seriously or risk damaging their credit record.
As of July 2023, the ATO had issued 'Notices of intent to disclose business tax debts' to more than 22,000 businesses with a tax debt of at least $100,000 that is overdue by more than 90 days. More than 9000 businesses were expected to have their debts disclosed in October 2023 alone.
These notices are not mere reminders that your business owes money to the ATO, or that you are behind with SG contributions. They mean the ATO is preparing to report your outstanding debts to credit reporting agencies.
This story is from the December/January 2023 edition of Money Magazine Australia.
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This story is from the December/January 2023 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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