A recent report published in The Australian Financial Review revealed that the Australian Tax Office (ATO) is struggling with the rising amount of bad debts.
The article reports: “Debt owed to the Australian Taxation Office has risen
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to $18 billion, with small-business tax payers accounting for more than 60 per cent of the money owed”.
The ATO is planning a ‘debt-recovery program’ to collect the growing amount of money owed to them by Australian businesses. The ATO has reported a 6.5% rise in debt in 2012-13 from the previous year.
Small business has been named as the biggest culprit with potentially ‘hundreds of thousands of small business tax payers being in debt to the Tax Office’. One potential reason being that small businesses tend to be ‘cash-strapped’ and place less of a priority on paying tax debts in comparison to other business debts.
Debts worth $4.6 billion are also thought to be irrecoverable at law or uneconomical to pursue.
Payment plans are commonly put in place for businesses struggling to pay their debt. The current arrangement is a 50-50 solution, whereby businesses must pay an initial 50% of their tax debt, which many businesses still find difficult to achieve.
The ATO outsources some debt collection to external collection agencies that use a combination of letters and
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phone calls to recover debt, at a success rate of 29.1% as audited in December 2011.
Rubiix Business Accountants can assist businesses to manage their taxation requirements – contact us to find out how we can help your business today!
Source: “ATO ‘challenged’ by weight of bad debts”, The Australian Financial Review, Friday 17th January 2014, Author: Nassim Khadem.
