The Government announced in the 2016-17 Mid-Year Economic and Fiscal Outlook (MYEFO) that it would allow the Australian Taxation Office (ATO) to report to registered credit reporting bureaus (CRBs) the tax debt information of businesses that do not effectively engage with the ATO to manage those debts.
The Government is seeking the community’s views on the exposure draft legislation, exposure draft legislative instrument and accompanying explanatory materials. The measure aims to improve transparency in the business community by making overdue tax debts more visible to businesses and credit providers, enabling them to make a more complete assessment of the creditworthiness of a business.
The ATO is consulting with the community on its administrative approach to this measure; information is available on the ATO’s consultation page.
No submissions are currently available.