CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Australia Amends Tax Debt Transparency Rules

Australia Amends Tax Debt Transparency Rules

by Mary Swire, Tax-News.com, Hong Kong

11 January 2018


The Australian Taxation Office (ATO) will gain the power to disclose business tax debts to credit reporting bureaus.

The Government is consulting on draft legislation that will allow such disclosures to be made where the business concerned has not effectively engaged with the ATO to manage the debt.

The aim is to place tax debts on a similar footing to other debts. According to explanatory documents released by the Treasury, the changes will strengthen "the incentives for businesses to pay their debts in a timely manner and effectively engage with the ATO to avoid having their tax debt information disclosed."

Revenue Minister Kelly O'Dwyer said: "Improving transparency by making overdue tax debts more visible will provide businesses and credit providers with a more complete assessment of the creditworthiness of a business."

"This will reduce the unfair advantage obtained by businesses that do not pay overdue tax debts, and encourage businesses to engage with the ATO to manage their tax debt."

The consultation will close on February 9.

TAGS: compliance | tax | business | value added tax (VAT) | tax compliance | goods and services tax (GST) | Australia | ministry of finance | tax authority | legislation | services | Tax

To see today's news, click here.

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 











Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »