Update on ATO Debt Recovery Targeting SME's.
In our recent article Small Business be alert – the ATO has you in it’s sight. we highlighted the plight of SME’s who find themselves targeted by the Australian Tax Office in their debt recovery efforts.
During the month of July 2015, wind up applications filed with the Australian Securities and Investments Commission numbered 396, a significant jump from the number of applications filed in May.
The aggressive stance taken by the ATO is not assisting small business weather their financial difficulties. Peter Strong, chief executive of the Council of Small Business of Australia accepts the role the ATO plays in recovering monies owed by SME’s but would like to see a balanced approach recently stating “at the end of the day, this is a human being that is about to lose everything. There has got to be compassion”.
As we previously said, should you find yourself in a situation where you know you will not be able to fulfil payment of your BAS, Company Tax or other payments due to the Australian Taxation Office, take action promptly. Talk to the ATO first to see what payment plan could be put into place. Should the situation escalate and you require assistance with handling the matter, contact Dooley & Associates on (02) 9890 4755 to assist you.Back