The Australian Tax Office (ATO) to resume pursuing and enforcing debt recovery action
With the completon of the Jobkeeper program, the ATO is set to resume compliance activities, making contact with taxpayers falling behind on lodgement obligations and tax debts.
The pause on debt recovery is now over, and the ATO is working to recover a $1.3 billion shortfall against its compliance revenue target.
The ATO has provided assurances that firm action will not be taken if help is sought. It is important that people take action if they receive debt letters, and review options that the ATO provides.
What generally happens if you don’t tax on time?
- The ATO will charge interest on your unpaid amounts (at 7.01% currently)
- You will be contacted soon after the due date either by
- SMS
- Messages in myGov
- Letters
- Phone
- Future refunds or credits will be used to repay the amounts you owe
- The ATO may take take stronger action if you are unwilling to work with them to address your debt or repeatedly default on agreed payment plans.
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Need assistance and want to know more?
Contact Holmans today;
Holmans Noosa: (07) 5430 7600 or email info@holmans.com.au
Holmans Maroochydore: (07) 5451 6888 or email infohm@holmans.com.au