Managing Tax Debts
From our September 2011 issue
The ATO has found that the majority of unpaid tax debts are still in the micro/small to medium enterprise taxpayer bracket. As such, the ATO is starting to wind back its lenient approach to debt collection and take a stricter approach as compared to the past year or two.
The ATO will continue to take a balanced approach where a taxpayer is willing and able to pay tax debts, and has contacted the ATO to discuss the nature of any difficulties.
However, the ATO will now also be taking a business’s viability into account (as assessed by the ATO’s business viability tool) when deciding whether to enter into a payment arrangement with the taxpayer.
This information is for guidance only and is not intended as specific advice to any reader. Professional advice should be obtained before acting on any information contained herein. The publisher accepts no responsibility for loss occasioned to any person or organisation as a result of action or the refrain of action as a consequence of the contents of this publication.