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FROM 1 JULY 2017 BUSINESSES MAY NEED TO ENGAGE WITH THE ATO ON OUTSTANDING DEBT OR RISK 5 YEARS OF BAD CREDIT

From 1 July 2017, the Government will allow the Australian Taxation Office (ATO) to disclose to Credit Reporting Bureaus the tax debt information of businesses that have not effectively engaged with the ATO to manage these debts. The ATO does not currently provide this information. This measure will initially only apply to businesses with Australian Business Numbers and tax debt of more than $10,000 that is at least 90 days overdue. Businesses are expected to pay taxation debts in a more timely manner to avoid affecting their credit rating.

 


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