Draft ATO legislation to level the playing field for businesses

This year, complying businesses are set to benefit from new draft legislation that will allow the ATO to report companies’ overdue tax debts to commercial bureaus. So how will the legislation will work?

Changes slated by the ATO for reporting of overdue tax debt by small businesses

The ATO's collectable debt book of approximately $17 billion, of which 70 per cent is made up of small and medium businesses (SMEs), is significant

While this level of unpaid debt has clear repercussions on the ATO and government, it also has another, less obvious impact on the small business economy.