New Rules Pending for Reporting Business Tax Debt to Credit Agencies
Cash flow is one of the biggest challenges for SMEs. So when it comes time to meeting tax payment obligations, many businesses end up owing money to the ATO. The tax debt owed to the ATO represents 63 per cent of all tax debt, which was around $13 billion in June 2018. In the 2017-2018 financial year, small businesses had 800,000 of the 1.1 million tax debt payment plans with the ATO.