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Tax Liabilities to be reported to Credit Agencies
The 2017-2018 budget will be released very soon, and End of Financial Year is rapidly approaching. We’d like to remind you about one important change coming into place on 1 July this year: from 1 July 2017 the Australian Taxation Office (ATO), will disclose tax debt information on businesses to credit reporting bureaus.
What does this mean?
The ATO will disclose to credit reporting bureaus the tax debt information of businesses who have not effectively engaged with the ATO to manage these debts ( i.e. entered into payment arrangements) and initially will only apply to businesses with Australian Business Numbers (ABN) and tax debt of more than $10,000 that is at least 90 days overdue.
I don’t have any debt. Why should I care?
Alongside these changes, it was announced that the ATO is currently owed up to 19 billion in overdue tax, of which 13 billion is owed by small businesses with a turnover of up to 2 million dollars.
“This means that the outstanding tax liabilities of many small businesses will be in the public domain and for the first time banks and suppliers will know the tax position of the small business. It is assumed that the information disclosed to credit agencies will be deemed to be a default and accordingly will stay on the
database for 5 years.“
This has the potential to affect small business owner’s abilities to secure additional finance, and even enter into contract arrangements with suppliers.
I fall into this category, what do I do?
It’s quite important that any small business owners with tax debt take the time to address these tax debts with the ATO prior to 1 July 2017. You will need to either pay off any existing debt, or enter into a payment arrangement with the ATO.
Has YML Group been involved with any of these matters yet?
YML has successfully entered into payment arrangements with the ATO on behalf of clients to help reduce their debts and interest charges on these. YML also has assisted clients with their personal and business budgets and cashflows to allow the client to successfully clear these debts within a reasonable time frame and help improve their cashflow management and improve the profitability. To discuss further, contact your YML business advisor today.
How can YML help?
Talk to our tax professionals today to see how YML Group can assist you with your tax needs. Contact us on (02) 8383 4400 or by visiting the Contact Us Page.