Australian Taxation Office (ATO) shifting to firmer debt collection activity
The ATO has flagged a return to more aggressive debt collection actions after seeing a trend of profitable businesses that have the capacity to pay their tax debts but are actively choosing not to do so.
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The ATO should not be considered as an unsecured lender last in line, because when they lose patience, they hit hard.
Taxed debts include not only income tax, but also unremitted GST and unpaid PAYG withholding, as well as super guarantee charges.
In general, if taxpayers do not pay their tax by the due date or engage with the ATO by the due date to work out a payment plan, general interest charge (GIC) will be applied to any unpaid amounts. GIC is automatically calculated on a daily compounding basis on the amount outstanding and added to taxpayers’ accounts periodically.
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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.
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Welcome to Advanced Partners (“we,” “our,” or “us”). This Privacy Policy outlines how we collect, use, disclose, and protect the personal information of our users and customers in Australia. We are committed to safeguarding your privacy and ensuring the security of the information you provide to us. By accessing or using our website, you agree to the practices described in this Privacy Policy.
Information We CollectWe may collect the following types of personal information:
1.1. Personal Identifiers: Name, email address, postal address, phone number, date of birth, and other contact details.
1.2. Account Information: Usernames, passwords, and other credentials used to access our website and services.
1.3. Payment Information: Credit card details or other payment information when making purchases on our website.
1.4. Usage Information: Data about how you interact with our website, such as IP address, browser type, pages viewed, and referring URL.
1.5. Communications: Records of your interactions with us, such as customer support inquiries, feedback, or chat logs.
1.6. Cookies and Similar Technologies: We may use cookies and similar technologies to collect information about your browsing activities on our website.
How We Use Your InformationWe use your personal information for the following purposes:
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2.3. Personalization: To tailor our website content and offerings to your preferences and interests.
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How We Share Your InformationWe may share your personal information with third parties in the following circumstances:
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3.3. Business Transfers: In the event of a merger, acquisition, or sale of all or a portion of our assets, your personal information may be transferred to the acquiring entity.
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Your Privacy Rights4.1. Access and Correction: You have the right to access and correct your personal information held by us.
4.2. Marketing Preferences: You can opt-out of receiving marketing communications from us at any time.
4.3. Cookies: You can manage your cookie preferences through your browser settings.
SecurityWe take reasonable measures to protect your personal information from unauthorized access, disclosure, alteration, or destruction. However, no method of transmission over the internet or electronic storage is entirely secure, and we cannot guarantee absolute security.
Changes to this Privacy PolicyWe may update this Privacy Policy from time to time. The most recent version will be posted on our website with the updated effective date.
Contact UsIf you have any questions or concerns about this Privacy Policy or our privacy practices, please contact us.
By using our website, you agree to the terms outlined in this Privacy Policy. If you do not agree with any part of this policy, please refrain from using our website.
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.