ATO message: penalty notices rise during post-COVID tax recovery Posted on May 14, 2022
The ATO is on a mission to recover unpaid taxes from the peak of the COVID period. 52,319 warning letters were issued last month to directors of companies with outstanding debts on PAYG, the superannuation guarantee charge and GST with 30-40 director penalty notices distributed to company directors every day. Credit agencies are now involved in recovering the debt, leaving directors with little room to move.
The ATO acknowledges that many small businesses have had a tough run through COVID, but it is time to get organised. The worst thing directors can do is bury their heads in the sand. If tax debt is an immediate or anticipated concern, directors MUST engage their accountants and the ATO to arrange a repayment strategy. The alternative doesn’t bear thinking about.
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