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Outstanding tax debts? ATO warns about disclosure to Credit Reporting Agencies CRAs

13 November 2023

The ATO has shifted its focus from providing assistance with tax through the pandemic to now re-establishing the culture of businesses paying their tax debts on time.

Beginning from July 2023, The ATO has issued notices of intent to disclose business tax debts of more than 22,000 businesses with a tax debt of at least $100,000 that is overdue by more than 90 days, to credit rating agencies (CRAs).

Disclosure of business tax debts

The ATO may report your business tax debt if it meets the following criteria:

  • you have an ABN and your business in not an excluded entity
  • you have one or more tax debts and at least $100,000 is overdue by more than 90 days
  • you are not engaging with the ATO to manage your tax debt
  • you don’t have an active complaint with the Inspector-General of Taxation Ombudsman (IGTO) about our intent to report your tax debt information.

The Commissioner has urged taxpayers, with outstanding debts, to engage with the ATO to not risk their business’s tax debts becoming visible in credit rating checks.

Intent to disclose notice – next steps

Section 255-15 of the Tax Administration Act 1953 empowers the Commissioner to enter into an arrangement with an entity which has, or which is expected to have, a tax-related liability, whereby the entity may pay the liability by instalments.

Businesses need to pay their debt or enter into an appropriate payment arrangement within 28 days of when the intent to disclose notice was issued to prevent disclosure.

In October 2023, more than 9,000 businesses are expected to have their debts disclosed and the ATO expects to issue 50,000 notices of intent to disclose by the end of 2023–24 financial year. A disclosed debt can impact your business’s ability to receive finance and your business may also lose suppliers.

Contact us

If you have received a notice of intent or have a tax debt of $100,000 or more that is overdue by more than 90 days, we can assist you in engaging/re-engaging with the ATO and help create an arrangement or payment plan that best suits your current and future financial position.

Should you have any other queries, please feel free to contact our office.

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Disclaimer

The contents hereinafter presented and made accessible on this website are exclusively provided by Advanced Partners, representing general informational materials. The purpose of these materials is solely to serve as guidance and in no case should they be interpreted as counsel or advice on any specific matter.

In using the information provided, you are encouraged to assess its relevance to your individual goals, financial circumstances, and needs. In the event of detailed descriptions of any products being available on this website, you are advised to procure the Product Disclosure Statement (PDS) corresponding to said products, and to deliberate on its contents prior to any decision-making.

Advanced Partners extends no assurances or warranties pertaining to uninterrupted, delay-free, error-free, or omission-free operation of the Site, nor its immunity from viruses. Thus, the information is furnished “as is”, bereft of warranties of any kind, express or implied, inclusive of those concerning accuracy, promptness, and completeness.

Advanced Partners and its respective affiliates (be they direct or indirect) renounce all guarantees, obligations, and warranties, be they express or implied, and shall not bear liability for any loss or damage whatsoever (including those resulting from human or computer errors, whether negligent or otherwise, or incidental or consequential losses or damages) that arise from or are connected with any utilization of or reliance on the information or advice on this site. The user must undertake sole responsibility related to the use of the material on this site, regardless of the purpose or the outcomes of such usage. The information available on this website should not be considered a replacement for professional tax advice or consultation.

Our liability is limited by a scheme approved under Professional Standards Legislation.