The government announced that from the 1 st of July 2017, the ATO will be disclosing the names of certain taxpayers who have unpaid tax liabilities. Previously, this information has not been released publically. From next month, however, the Tax Office will be releasing the ABNs with more than $10,000 worth of debt, outstanding for at least 90 days. Debts under an agreed repayment plan will not be part of this release so it is worth addressing any outstanding amounts within the next two weeks.
What is not certain, though, is how this regime will be rolled out or how much notification it will give to businesses before reporting their debts to the public.
The Next Step
For those at risk of having their debts publically released, we can assist. Firstly, by alerting you if your tax arrears are set to be disclosed. Secondly, by encouraging appropriate actions to be undertaken, including entering into a repayment program with the ATO or restructuring your business to ensure debts do not stay unmanageable.