ATO to disclose business tax debts to credit reporting bureaus

In the Mid-Year Economic and Fiscal Outlook (MYEFO), the Commonwealth Treasurer announced that from 1 July 2017 the Australian Taxation Office (ATO), will be allowed to disclose tax debt information on businesses to credit reporting bureaus.

The ATO will disclose to credit reporting bureaus the tax debt information of businesses who have not effectively engaged with the ATO to manage their debts and will initially only apply to businesses with an Australian Business Number and tax debt of more than $10,000 that is at least 90 days overdue.

Defaults will be recorded on a business’s commercial credit file.

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