Disclosure of business tax debts to CRBs
Credit Reporting Bureaus The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed to credit reporting bureaus (‘CRBs’). The ATO can potentially report outstanding tax debts to a CRB where the following criteria are satisfied: The taxpayer has an Australian business number and is not […]
ATO lodgment obligations
External collection agencies to enforce ATO lodgment obligations The ATO has finalised a trial relating to sending overdue taxpayer lodgment obligations to external collection agencies. As a result, it may now refer taxpayers to an external collection agency to secure tax return lodgment. The ATO has stated that it will only refer a taxpayer to […]
ATO’s Transparency of tax debt measure
Businesses encouraged to engage with the ATO and pay debts in a timely manner to avoid credit reporting In the 2016–2017 Mid-Year Economic and Fiscal OutlookExternal Link (MYEFO), the government announced that the ATO will be allowed to report to registered credit reporting bureaus (CRBs) the tax debt information of businesses that do not effectively engage with the ATO to […]
What is a business credit score and how to improve yours
Every business has a credit score, which tells lenders and suppliers how good you are at paying debts. Find out how to use credit scores to your advantage, and how to keep yours healthy. What does a business credit score say? A good credit score means that you’re quick to pay bills and debts, so […]