Reuters. ATO has its eye on company directorsCompany directors beware … the Australian Tax Office (ATO) is coming for you.
To recover debt, the ATO has turned its focus toward company directors using the ATO as a low-interest loan facility, with its sights set on billions of dollars accrued during the COVID pandemic.
Deputy commissioner of the Australian Taxation Office (ATO) for lodge and pay, Vivek Chaudhary, expressed concern over rising corporate and individual debts at the recent 2023 Tax Institute Summit.
According to Chaudhary, tax debt has surged 89% to A$50.2 billion as of June 2023, primarily fuelled by the pandemic. Businesses contribute 90% to this total, with small businesses owing more than A$33 billion of the A$45 bill…
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