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The ATO’s debt book jumped by 77.6 per cent to $34.1 billion in just four years, with a small number of taxpayers responsible for a large portion of the debt, a new report by the tax watchdog has revealed.
The Inspector-General of Taxation’s analysis of four years of ATO data found that collectable debt grew by its largest margin between 2019 and 2020 from $26.6 billion to $34.1 billion, after the ATO suspended debt collection activity in response to the black summer bushfires and the early impact of the COVID-19 pandemic.
Read more at the Accountants Daily.