The Australian Taxation Office recently announced that it will take timely and stronger action against small businesses with outstanding debts. With stricter ATO penalties looming, staying on top of your returns is now more important than ever. Aside from initial penalties and your tax debt accruing interest, being behind on payments can start to negatively impact your credit score and your ability to access funding.
Heres a rundown of what you need to know about tax debt penalties, as well as the best ways to manage your debt before it starts to harm your credit score.
How ATO debt will affect your business
The ATO isnt out to get small businesses and its not in their interest to collect debts to the point where it hu…
Read the full article at: https://www.smartcompany.com.au/partner-content/articles/dont-let-ato-debt-harm-business/
