Tax commissioner Chris Jordan says an extra $2 billion in tax debt has been collected from small business after ATO letters warned company directors they were personally liable for unpaid liabilities and that the agency’s COVID-19 moratorium is over.
has revealed an extra $2 billion in debt to the Tax Office has been collected from small business after company directors were warned they are personally liable for firms’ unpaid liabilities, and that the agency’s COVID-19 moratorium is over.
Director penalty notices and disclosure letters have led to greater than expected revenue, including faster payments of outstanding superannuation contributions for staff, GST collections and pay-as-you-go withholding tax. Mr Jordan will help host the Organisation for Economic Co-operation and Development’s Forum on Tax Administration in Sydney this week.
Mr Jordan said further moves to automated reporting were in the pipeline for the Australian economy as well, including potentially speeding up business activity statement reporting systems.“Our system, with quarterly reporting [due] 28 days after the quarter ends is one of, if not the longest, systems in the world for like VAT [value added tax] or GST payments.Under the OECD’s 3.
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