7NEWS: Barretts Bakery: Popular WA business goes under ‘owing ATO millions’
Kitay said the tax bill was a legacy debt, with the business’ retail and wholesale operations cruelled during COVID.Otherwise, it could be liquidated.
Kitay told 7NEWS.com.au the government’s revenue collection agency had become more aggressive in its action to see non-compliant companies settle their scores now that the height of the pandemic is in the rearview mirror. Part of that, according to the corporate insolvency and restructuring expert, was an increase in director penalty notices - a “powerful weapon” that makes senior management personally liable for tax and super obligations.“If your company does not pay certain liabilities by the due date, we can recover these amounts from you personally as a current or former company director,” the ATO warned previously.
The ATO issued more than 17,000 penalty notices during 2022-23, and Kitay said his agency had received a big increase in the number of businesses chasing advice on what to do next.
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