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Australian Taxation Office (ATO) shifting to firmer debt collection activity

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The ATO has flagged a return to more aggressive debt collection actions after seeing a trend of profitable businesses that have the capacity to pay their tax debts but are actively choosing not to do so.

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The ATO should not be considered as an unsecured lender last in line, because when they lose patience, they hit hard.

Taxed debts include not only income tax, but also unremitted GST and unpaid PAYG withholding, as well as super guarantee charges.

In general, if taxpayers do not pay their tax by the due date or engage with the ATO by the due date to work out a payment plan, general interest charge (GIC) will be applied to any unpaid amounts. GIC is automatically calculated on a daily compounding basis on the amount outstanding and added to taxpayers’ accounts periodically.

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We offer a broad range of accounting and taxation services to sole traders, businesses, organisations and inviduals.

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Late & Problem Returns

This is when people or businesses are late with their BAS statements, Tax Returns and have been accruing debts such as fines and interest to the ATO as they have ignored the ATO.

I have been extremely successful in reducing tax debts in these instances. Two examples:

One client came to us owing $220,000 and 3 years behind. I brought all their BAS and tax return up-to-date and obtained a reduction of $160,000 in penalties and interest. We then entered them into a repayment program for the $60,000 which they have just finished paying off.

Another client had 18 months BAS outstanding and two years of tax returns. He had a tax debt of $62,000 with penalties. I was able to get a reduction of $37,000 in fines and penalties leaving him with a debt of $25,000 of which he still owes $5,000.

Both clients are very happy with these outcomes. Also, after I obtained the reductions and kept them up-to-date with their BAS and Tax Returns they have not only kept up repayments but have managed to ensure that all current BAS and payments have been kept up to date as well.

If you find yourself in a similar position then we are most likely able to help.

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I like a lot of Accountants use management information to track how a business is going. I also have actually managed a number of different types of businesses and taken them from losses to profit so I am able to advise clients on how to run their businesses including staff, computer programs, marketing of their product etc.

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