tax debt Archives - AdviceCo.

ATO targets small business on late and upaid tax

advicecogillian — Thu, 08 Dec 2022 02:47:50 +0000

Small businesses are one of the biggest contributors to the national tax debt, according to the ATO, and now they’re cracking down to recoup the $11.9 billion owed. Regular tax collection and penalties for late payment are ramping up from January 1, 2023. So what do you need to do to stay on the right…

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Urgent message to business owners: ATO unrelenting in tax debt recovery – DPNs on the rise

advicecogillian — Tue, 20 Sep 2022 03:57:00 +0000

The ATO is on a mission to recover unpaid taxes and directors are being held personally liable. The stakes are high, and business owners MUST seek the help of their accountant to navigate this murky water. Tens of thousands of warning letters are issued by the ATO each month to directors of companies with outstanding…

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Tax debt will impact your credit rating

advicecogillian — Fri, 10 Sep 2021 04:16:41 +0000

Earlier this year, the Morrison government passed a new set of laws empowering the ATO to report business tax debts of more than $100,000 that are over 90 days late to credit reporting firms. This will impact a debt holder’s ability to get credit or finance on both a business and a personal perspective. This…

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