Category Archives: Accounting

ATO: What you need to know about unpaid tax liabilities

Sara

Since July 2017, the Australian Taxation Office (ATO) has had the authority to share the names of taxpayers who have unpaid liabilities with Credit Reporting Agencies. Although it applies to all types of taxpayers, businesses are the ones that are most affected by this new law. As a business owner, this measure comes with certain implications that you need to understand so as to avoid finding yourself in an untenable position. As a business owner, this measure comes with certain implications that you need to understand so as to avoid finding yourself in an untenable position. Although it applies to all types of taxpayers, businesses are the ones that are most affected by this new law. As a business owner, this measure comes with certain implications that you need to understand so as to avoid finding yourself in an untenable position. If the ATO shares your information with credit reporting agencies, that information will become public, and this can put a black mark on your business.

You can also deal with the problem by restructuring your business to minimize that damage that may result from the negative credit information. If you have a good tax planning strategy, your business is less likely to fall into the tax liability category



Posted in Accounting, Business | Comments Off on ATO: What you need to know about unpaid tax liabilities