25 Jul 2017
Credit Reporting Bureaus: Tax Debt
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
This is new.
The Federal Government has proposed legislation to allow the ATO to disclose tax debt information of small businesses with annual turnover of $2 million or less to credit reporting bureaus if they are not paying their outstanding tax.
Currently, there is $19 billion in overdue tax of which $12.7 billion or 66.8% is owed by small business.
Once the banks get this information, good luck with trying to get credit if the owners have not engaged with the ATO to manage their outstanding tax debt.
At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.