Breaking News - ATO Press Release on Debt Collection

HomeInsights

Breaking News - ATO Prioritising Support and Assistance for Debt Collection Efforts.

IN SUMMARY

  • The ATO wants taxpayers to engage with the ATO, ie respond to calls, set up a payment plan
  • If not, the ATO is now “taking firmer actions. These include garnishees, recovery of director penalties, disclosure of business tax debts, and legal actions including summons, creditors petition, wind-up and insolvency action.
  • The ATO is starting with larger debts and superannuation debts of any size
  • The ATO has sent 52,000 Director Penalty Notice warning letters. These are not actual DPNs. A DPN can make a director personally liable for the company’s debts to the ATO.
  • The ATO is issuing 30-40 actual DPNs a day and expects to increase this.
  • The ATO has sent 29,000 letters warning businesses of potential disclosure of their ATO debt to credit reporting bureaus, which they can do for business ATO debt >$100,000.






Next Steps

Please don’t do nothing - you don’t want to end up personally liable for the company’s debts - it’s not worth it.

Contact us to work out a ATO payment plan or discuss your options.

CONTACT US CONTACT US



Related News

21 Jun

Minimum Wage & Superannuation Increase Explained

There has been some confusion on what the minimum wage increase and superannuation increase means to small business employers.


READ MORE READ MORE
16 Jun

Market Volatility - June 2022

Many investors become concerned when volatility occurs in global financial markets – particularly about the impact on their superannuation and other investments. In times like these, it is important to understand the causes of market movements and how to minimise your risk.


READ MORE READ MORE
14 Jun

SMART Life - Issue 9 - Winter 2022

Prices on everyday essentials like food, petrol and medicine have increased significantly, impacting us all. Managing these price hikes is even more difficult when you’re living on a fixed income. We unpack how we got here and set out some things you can do to increase your buying power.


READ MORE READ MORE