TAX DEBTS WITH THE AUSTRALIAN TAXATION OFFICE

As part of the 2016-17 Mid-Year Economic and Fiscal Outlook, the Australian Taxation Office will be allowed to disclose to Credit Reporting Bureaus the tax debt information of businesses that have not satisfactorily engaged with them. This will initially apply to businesses that have an ABN and debts of greater than $10,000 that are at least 90 days overdue.

If your business has outstanding debts with the ATO, we encourage you to talk with the ATO to establish a plan to get back up to date. If you are not comfortable to do this on your own, this is something we assist our clients with.

For further information on this and other MYEFO 2016-17 measures see :

 

http://www.budget.gov.au/2016-17/content/myefo/html/

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

 We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.