P. 07 5510 3799
E.
southgate accountants logo

ATO to report unpaid debts to credit agencies

Posted on Mar 30, 2017 by admin

The Mid-Year Economic and Fiscal Outlook 2016-17 (MYEFO) announced that from 1 July 2017, the ATO will disclose tax debt information of businesses who have not effectively engaged with the ATO to credit reporting bureaus.

The new measure is aimed at enhancing the integrity of the tax system and ensuring businesses who are not compliant do not gain an unfair competitive advantage over those businesses who are.

The ATO will initially pass on unpaid debts from businesses with an Australian Business Number and with a tax debt of more than $10,000 which is at least 90 days overdue.

In addition, the Government will provide $1.6 million to establish a Black Economy Taskforce to develop an innovative, whole-of-government policy response to this problem. Black economy activities disadvantage honest taxpayers, undermine the integrity of Australia’s tax and welfare systems and reduce the amount of revenue collected by governments.

free consultation

Sometimes the only way to understand a person’s business or financial situation is by meeting face-to-face. All new clients or people looking to speak with an accounting professional are offered an initial consultation with the first hour at no charge.

If you would like a confidential discussion simply call 07 5510 3799 to arrange a meeting

Contact us today.

Pin It on Pinterest

Share This