Blog

• ATO ramps up warnings on $50b in tax debts. 

This warning from the new Tax Commissioner as the ATO chases $50 billion in outstanding debts, claiming increasing numbers of Australian small Businesses operators are falling behind on tax and superannuation obligations. 

• At a recent small Business summit in Sydney the Commissioner said ‘it’s critical that all employers, big and small, keep on top of their obligations to their employers first and foremost, as well as their obligation to government in respect to GST, income tax and other taxes’. 
• Previously, in November, the ATO warned Business to stop using unpaid tax and superannuation liabilities to prop up their cash flow, stressing its debt book was not a bank.  

If these matters concern you, act now, heed the warnings!  

Need help? contact Blackburn Accounting, we are experts in taxation matters.

• Tax Debts can affect your credit ratings 

Disclosure of Business Tax Debts: 

Be aware that in certain circumstance the ATO may disclose your debt information to credit reporting bureaus (also known as credit reporting agencies).

The ATO lists a number of criteria where they may report your Business tax debt. These are provided on the ATO website.

 Note: It will not report your debt information to credit reporting bureaus (CRBs) if you are already engaged with them to manage your tax debts and may also decide not to report your tax debt information if you are experiencing exceptional circumstances.

You can find full details on the ATO website.

More from the ATO

• The headline reads ‘ATO warns of ‘significant penalties’ for financial sovereignty movement.

A small group of Australians claiming to have found a loophole in the tax system have drawn attention from the ATO, with experts warning about falling into the trap!

This group is part of the sovereign citizen movement which questions the legitimacy of governments and existing institutions.  It encourages followers to evade tax, claiming individuals can opt out of the tax system or deny the ATO legal authority.

 The movement's influence has drawn the attention of the ATO which has warned of the consequences of dodging the tax system.

If you have questions concerning the ATO’s role and responsibilities as the Government's principal revenue collection agency, go to; https://www.ato.gov.au/

The Blackburn Accounting team is available to guide you on accounting and tax matters. We will provide the answers you need to run a successful Business that's running at peak performance.