The Australian Taxation Office (ATO) will set new targets for reducing collectable small business debt, after the national auditor found its current strategy is only “partly effective”.
That new benchmark could have real-world consequences for traders behind on their obligations, as the tax office stares down $35.9 billion in outstanding small business debts.
The Australian National Audit Office (ANAO) on Tuesday published its review into the ATO’s handling of collectable small business tax debt, finding the tax office has a “largely sound strategic framework for debt collection”.
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Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
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