As the Australian Tax Office (ATO) continues to ramp up efforts to collect overdue tax debt, businesses across the ACT and beyond are certainly feeling the pinch.
Its widely known that the amnesty extended during the COVID period has long since ended, however the pressure on businesses to catch up on payments some of which have been accumulating for years has reached breaking point for many.
Long overdue tax debts in excess of $100,000 are a particular concern, with the ATO now wasting little time before engaging credit reporting agencies or issuing garnishee notices. The business owners at the receiving end of these communications are understandably rattled, with some acknowledging that to pay these debts would inevitably lead to ins…
Read the full article at: https://www.rsm.global/australia/insights/business-insights/is-your-accountant-helping-your-tax-debt