Much has been said about the benefits SMEs will see from new draft legislation recently proposed by the Federal Minister for Revenue and Financial Services authorising the Australian Taxation Office to disclose business tax debts to credit reporting bureaus.
While the stated aim is to help the SME sector, in reality SMEs will be largely unaffected by these changes or, in some instances, will actually be worse off.
Currently the only tax debt information which becomes public is when the ATO sues and obtains judgment against a tax payer. This is usually after a long, protracted process.
The aim is to now disclose information to credit reporting agencies in the following …
Read the full article at: http://www.dynamicbusiness.com.au/small-business-resources/finance-cash-flow/proposed-tax-debt-disclosure-laws-unlikely-to-help-smes-says-debt-collection-agencys-ceo.html
