Have you received communication from the ATO over your business tax debt?

Under powers granted in 2019 (see  Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019), the ATO may now disclose business details to credit agencies if businesses avoid communicating with the ATO regarding tax debts in excess of $100,000 that are more than 90 days overdue.

 

This does not apply to businesses that have been, or who are, actively communicating with the ATO about options, such as payment plans.

 

Many within the accounting industry have concerns over the poor timing of this when a lot of businesses are under additional pressure in the current economic climate of lockdowns and border restrictions.

 

The good news is, despite the ATO contacting over five thousand businesses, they have yet to report any business to a credit agency.

 

We are concerned that the current approach of the ATO could cause undue anxiety, so please do not hesitate to contact us if you have concerns about your existing tax debts.

 

We are happy to help negotiate with the ATO on your behalf to find a workable solution for you.

 

For questions and concerns, please contact our taxation specialists:  Lauren Steinheuer, Malcolm Barkle and Dean Vane.

 

Lauren Steinheuer: L.Steinheuer@uhyhnseq.com.au

Malcolm Barkle: M.Barkle@uhyhnseq.com.au

Dean Vane: D.Vane@uhyhnseq.com.au