The ATO can “write off” a tax debt if it decides that it is not commercially viable to pursue the debt. However, that doesn’t mean that the debt is gone forever and the ATO can re-raise the debt in the future. So why does this happen? ATO determines a debt is not viable to pursue […]
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Tax debts owed by Australian businesses and individuals has been slowly increasing since the end of the Global Financial Crisis. The ATO’s figures show that collectable tax debt has now reached $23.7 billion, up from $19.2 billion in the 2016 financial year. The majority of this debt is owed by small businesses. There is also […]
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Often people with tax debts have no choice other than to go bankrupt. Bankruptcy currently lasts for three years, unless extended by a person’s bankruptcy Trustee. The Federal Government had previously introduced legislation to shorten the period of bankruptcy from three years to one year. The legislation had broad support and it had been recommended […]
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