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ATO records jump in prosecutions, debt

The tax office’s annual report shows there was an increase in prosecutions last financial year for individuals and companies as well as a spike in small business debts, while debt collection activities broadly took a hit during extended digital downtime periods.

ATO records jump in prosecutions, debt
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The ATO’s data shows 1,650 individuals and 445 companies were prosecuted in the 2016/17 financial year, up from 1,300 individuals and 400 companies in the year prior. This resulted in $15 million in fines, costs and reparation orders, up from $11.6 million compared to the 2015/16 financial year.

Read the full article on Accountants Daily.

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