Category Archives: Accounting

ATO: What you need to know about unpaid tax liabilities

Since July 2017, the Australian Trade 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. 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. If you have unpaid tax liabilities, here is what you need to know about this new regulation.   Do not disregard any communication from ATO The purpose of this regulation is not to punish or to shame businesses, it is to improve tax compliance. This means that ATO is more likely to share your information with CRBs if you disregard any notices or communications from them.

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