The ATO is seeking amendments to its powers with the introduction of the Draft Tax Laws Amendment Bill 2010 that will give the ATO discretionary power to demand security deposits from businesses as part of securing likely or expected tax obligations. Continue reading
Tag Archives: tax debts
ATO responsible for 7% of company liquidations
THE tax office is winding up and bankrupting thousands of self-employed workers and small businesses instead of restructuring their tax debts.
The Australian Taxation Office admitted it was responsible for 2 per cent of bankruptcies and 7 per cent of all company wind-ups in the last financial year. Continue reading
Tax office offers a hand to small business to keep them out of liquidation
In a speech given to the Council of Small Business of Australian, the Tax Commissioner spelt out new measures to help businesses with an annual turnover of less than $2million that are struggling to manage their tax debts in the current economic climate. Continue reading
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