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Videos and other resources for our clients
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Victorian State Budget Overview 2020 - 2021
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Employee Christmas Parties and Gifts – Any FBT?
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FBT – Christmas Parties and Taxi Fares
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Part 1 – Budget reminders. Under the Hood.
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Part 2 – Budget reminders. Under the Hood.
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Part 3 – Budget reminders. Under the Hood.
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Comprehensive list of COVID-19 initiatives and packages.
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Budget 2020 - A very comprehensive break down.
Article archive
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Quarter 4 October - December 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Australian Taxation Office (ATO) debts may affect your credit rating

Businesses with tax debts need to be aware that the ATO will now be able to disclose the details of their tax debts to credit ratings agencies, which could potentially affect the ability of the business to obtain finance or refinance existing debt.

       

Generally, only businesses with an ABN and debts over $100,000 and that are not “effectively engaged” with the ATO will be affected. The ATO is planning a phased implementation which will consist of undertaking education efforts before it targets companies, followed by partnerships, trusts and sole traders.

The aim of the laws, according to the government, is to encourage more informed decision-making within the business community by making large overdue tax debts more visible, and to reduce the unfair advantage obtained by businesses that do not pay their tax on time.

As always, communication is the best action so working out a payment plan with ATO will mean you are “engaged” and should not be listed.

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