Accounting & Tax Audit Finance Financial Planning Self Managed Super

ATO refocus on debt collection

The ATO has not pursued many business tax debts during the pandemic and allowed tax refunds to flow through even if the business had a tax debt.  That position has now changed and the ATO has resumed debt collection and offsetting tax debts against refunds. If you have a tax debt that has been on-hold, expect the ATO to offset any refunds against this debt, and take steps to actively pursue the payment of the debt.  Small business account for around two thirds of the total debt owed to the ATO. If you have a tax debt, it is important that you engage with the ATO to work out how this debt will be paid.

Latest

News

The one big, beautiful bill that may not be so beautiful for Aussies

You may have seen the viral headline about a new U.S. tax bill called the One Big Beautiful Bill, b ... read more

Trust funds: are they  still worth the effort?

For decades, trust structures have been a cornerstone of the Australian tax and financial system, p ... read more

Finfluencers: bad tax advice could cost you

They’re advising from your insta and TikTok feeds, they’ve got huge followings, they speak with ... read more