Increasing numbers of Australian small businesses operators are falling behind on tax and superannuation obligations, Tax Commissioner Rob Heferen warned.
Already a subscriber?Increasing numbers of Australian small businesses operators are falling behind on tax and superannuation obligations, Tax Commissioner Rob Heferen has warned, as the ATO chasesIn one of his first major outings since taking over as head of the Tax Office in March, Mr Heferen told a Council of Small Business Organisations of Australia event on Thursday there was significant risk of businesses trading while insolvent in the wake of COVID-19 pandemic disruption.
“We are seeing an increasing number of businesses fall behind on these types of payments, from which point it is very difficult for businesses to get back on top of their obligations and remain viable. “There’s also a significant risk of businesses trading while insolvent and creating a situation where all creditors – including suppliers and employees – miss out on what they are owed,” he said.Forensic tax watcher and Institute of Public Accountants general manager Tony Greco said small business was badly over-represented in the debt figures.
“Everyone talks about cost-of-living pressures, but the same applies to small business. Many are holding on for better times which may not come soon enough if the ATO ramp up more affirmative debt collection.”“For those that are viable and suffering a cash crunch, the ATO will need to tread appropriately with their affirmative action, not force closures. It’s not a one-size-fit solution when it comes to small business.
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