Reminder – Do you have business tax debts?

Reminder – Do you have business tax debts?

As reported in our February 2017 newsletter, from 1 July the ATO will be able to disclose business tax debts to the credit reporting bureaus.  They will only be allowed to report tax debts where the taxpayer has an ABN, has a tax debt of more than $10,000 that is overdue by more than 90 days, and the taxpayer hasn’t effectively engaged with the ATO to manage the debt (eg by entering into a payment arrangement).

The ATO’s latest information on this new procedure can be found on their website here.

They have undertaken to notify a business that meets the reporting criteria to give them 21 days to respond before the tax debt will be reported.

If you have any concerns about the new rules, please contact us as soon as possible.

Kreston Stanley Williamson Team

*Correct as of June 2017

*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.

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