Tax debts to be revealed to credit agencies

 

Your tax debt will impact your credit rating

There are a number of changes happening at the Australian Tax Office (ATO) at the moment. A rather important one for a lot of business owners is that from 1 July 2017, the Government will allow the ATO to disclose tax debt information to Credit Reporting Bureaus.

This measure will apply for:

  • Businesses with ABNs and tax debts of more than $10,000 that is at least 90 days overdue
  • Businesses that have not effectively engaged with the ATO to manage these debts, including setting up a payment arrangement.

ATO statistics show that 80% of debts to the ATO are not under any arrangements. If you are concerned that this could be you, please get in touch with our team so we can so we can help you put arrangements in place before 30 June.