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The latest financial news, hints and tips for Aussie small business
Small Business & ATO Debt
"ATO Debt, the silent killer"
When the pandemic started in 2020, Tax Laws changed and the ATO stopped chasing debt. As the economy returned to a NEW normal, the ATO wants it's $40 Billion it's owed.
On Average, 9,000 companies enter administration each year; in the 2.5 years since the pandemic started, 10,530 have folded. One of the KEY reasons for insolvency is tax debt.
ATO paused it's firmer and stronger actions by not chasing debts, but now things have changed. The ATO has sent around 500,000+ letters out to businesses over the last few months, saying it's back to business as normal and businesses need to start paying their tax bills. It is expected that via NATIONAL EXPERIENCE, over coming months, thousands of businesses will fold.
Tax debt, if not managed, can be added to credit files further hindering options for the business owner to use finance as a tool to manage debt and expenses. Contact EZ Finance today, to help you manage your tax debt.
By Phil Rice
CEO EZ Finance
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