As we emerge from the COVID pandemic the Australian Taxation Office is stepping up its pursuit of overdue company tax and CreditorWatch has made the important decision to report tax default data.
Victoria Coster CEO of Credit Fix Solutions said CreditorWatch has recently announced that it is the first credit reporting service in Australia to provide ATO default data information.
“It’s important for brokers to have the whole picture when it comes to assessing the credit risk of an existing customer or a new customer,” Ms Coster said. “This new ATO tax default data is a missing piece in the puzzle and we welcome the decision by CreditorWatch to provide this extra level of information.
“In the past excessive tax debts were unable to be tracked and they would be discovered after the consumer was wound up by the ATO.”
In line with the ‘Disclosure of Business tax debts’ Legislation which was passed in 2019 CreditWatch has integrated the ATO data into its credit reporting and monitoring tools.
CreditWatch reports will now include tax debts where the business has at least $100,000 overdue by more than 90 days or one or more tax debts; it not engaging with the ATO to manage the tax debt or it doesn’t have an active complaint with the Inspector-General of Taxation Ombudsman (IGTO).
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