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READ MOREATO cash grab could spark further insolvencies
The ATO resumed its $60 billion debt collection in May this year following a freeze put in place during the pandemic to help and assist businesses and the community experiencing challenges because of the pandemic.
While the ATO’s “preferred approach” is always to work with taxpayers to resolve their situation through engagement rather than enforcement, the government body said where taxpayers don’t engage, “the ATO is taking firmer actions”.
These actions include garnishees, recovery of director penalties, disclosure of business tax debts, and legal actions, including summons, creditors petition, wind-up and insolvency action.
Read more at The Adviser
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