Ombudsman urges small businesses to get on the front foot at tax time
The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has urged struggling small and family businesses to be proactive at tax time, as a new report reveals declining payment plans despite record collectible debt owed to the Australian Taxation Office (ATO).
Mr Billson says the report, released today by the Inspector General of Taxation and Taxation Ombudsman (IGTO), shows that although SMEs owe $21 billion to the ATO – well over half of this collectible debt is held by just 6.4% of SMEs.