Bad Credit Rating? Overdue tax debts?
The ATO is beginning to use the powers it obtained in February 2020.
Author: James Welch
15 October 2021
“Intent to Disclose” notices are being sent to businesses (being any company or person with an ABN,) with overdue tax of $100,000 or more or older than 90 days and/or have failed to engage with the ATO concerning their debt.
Once reported, businesses may find it difficult to obtain the supply of goods and services on payment terms, or may have payment terms changed, as red flags are raised through the credit agencies which then flow back to suppliers.
This is the first real action the ATO has taken since the Pandemic commenced. It signals that the ATO is beginning to move on its tax payers.
Getting ahead may seem impossible, but it might be resolved through a restructure. Seek early advice from ALG to bridge the gap between the law and you.
If you would like any further information or advice, please contact us for your free initial 30 minute consultation on 02 4220 7100, or email lawyers@alg.com.au
