Small business closes doors during COVID-19. Source: Unsplash/Anastasiia Chepinska.
Australias latest lockdowns pose a challenge for the Australian Tax Office: start collecting the business debts outstanding from 2020 and risk putting companies under further pressure, or allow those debts to continue to grow.
The news this week that businesses with over $100,000 in tax debts have begun receiving letters from the Australian Tax Office, has highlighted the risk to the economy as right now the relatively low rate of business collapse is being funded on the back of ATO largesse.
As long as the tax office holds off on pursuing the $34.1 billion in collectable debt that has accumulated, much of that money is available to businesses to k…
Read the full article at: https://www.smartcompany.com.au/finance/tax/ato-chasing-debts-lockdown/