News
ATO to resume chasing small business debts
After a pause due to the coronavirus pandemic, the tax office has started collecting debts in New South Wales, Victoria and the ACT following the easing of restrictions.
Small businesses are being encouraged to lodge overdue tax returns and to engage with the tax office to set up payments plans if they have outstanding debts.
A spokesperson from the Australian Taxation Office (ATO) said: “Our initial focus will be on taxpayers with higher debts before including taxpayers with all other debts in the new calendar year.
“Taxpayers with Superannuation Guarantee debts may be prioritised irrespective of their debt value.”
Mandy Sigaloff, Managing Director at TaxAssist Accountants said: “Whilst the ATO acknowledges the challenges faced by small businesses through the pandemic, and are providing tailored support, interest and penalty costs will still apply if businesses fall behind.
“I would urge anyone that needs help with their tax debts or are struggling with cash flow, to book a free initial consultation with one of our accountants who can expertly guide business owners through how to manage their finances.”
Date published 19 Nov 2021
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