Disclosure of tax debt information
The Government has recently declared that it will allow the Australian Tax Office (ATO) to disclose tax debt information to registered credit reporting bureaus (CRBs). This change will be effective as of 1st July 2017. This transparency of overdue tax debts could have serious implications for existing and future business loans.
The ATO may disclose your business information to CRBs, if you meet the following criteria:
- You have an ABN
- If you have a tax debt of at least $10,000 that is overdue by more than 90 days
- If you have not effectively engaged with the ATO to manage your tax debt
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