The Australian Taxation Office has drastically ramped up Federal Court actions to recover $30 billion in overdue small business tax, which nearly doubled during the pandemic, ending its leniency policy.
The Tax Office started 476 wind-up proceedings in the first seven months of 2023, compared with just 14 in the same period last year, according to analysis by The Australian Financial Review.
The ATO said it was returning to business-as-usual for overdue debts. Scott McNaughton
The tougher approach comes as new data reveals retail spending is in the most prolonged contraction since the global financial crisis, after the Reserve Bank hiked interest rates 12 times in 15 months, the fastest pace in a…
Read the full article at: https://www.afr.com/policy/tax-and-super/court-actions-reveal-ato-crackdown-on-unpaid-tax-20230731-p5dsne