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The Australian Taxation Office (ATO) will be permitted to disclose to credit reporting bureaus information on the tax debts of certain businesses, under new rules announced by the Government.
The Mid-Year Economic and Financial Outlook contained a proposal to allow the ATO to disclose information on businesses that "have not effectively engaged with the ATO to manage these debts." This power will enter into force from July 1, 2017.
The measure will initially only apply to businesses with Australian Business Numbers (ABNs) and tax debts of more than AUD10,000 (USD7,242). The debt must be at least 90 days overdue.
"Businesses that do not pay their tax gain an unfair financial and competitive advantage over those that do," the Government said. The aim of the measure is to enhance the integrity of the tax system.
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