Stronger debt recovery action by the tax office is pushing more businesses under and putting more people at risk of personal bankruptcy.
The Australian Taxation Office (ATO) has issued tens of thousands of director penalty notices that make people personally liable for tax and super debts and give them just 21 days to pay.
It is also more commonly using garnishee notices, which allow it to take money directly from a person's bank account or employer.
This has seen calls from financially distressed small business owners to debt helplines skyrocket to unprecedented levels and it's pushed the rate of insolvencies to around peaks seen just after the global financial crisis.
#ABCBusiness #taxdebt #ATO
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15 июл 2024
