Search

"The Bank of ATO" to Disclose Tax Debts

As of February 21 2020, the ATO will disclose tax debts that are overdue by more than 90 days to Credit Reporting Bureaus (CRB). Business owners historically have used the ATO as a “bank” by not paying their tax commitments on time, rather than utilise their own capital or commercial working capital products to help with their cash flow needs. If reported to a CRB, this can affect their credit score through comprehensive reporting changes and restrict their ability to access credit. As per the ATO “Disclosure of business tax debts” reference material, the ATO will only disclose tax debt information of a business to a CRB if the business meets all of the criteria outlined on their site. Read more here.


To help business owners combat this, start by understanding their cash flow needs and if required, help them set up an appropriate working capital facility. To learn more about working capital facilities and cash flow products contact us on 1300 861 143 or clientservices@heart1stop.com





Your Choice Mortgage Brokers Pty Ltd atf Halo Innovation Trust trading as Heart Mortgage Services - Australian Credit Licence 38643.

The information contained herein is of a general nature only and does not constitute advice. You should not act on any information without considering your personal needs, circumstances and objectives. We recommend you obtain professional financial advice specific to your circumstances. The views expressed here are not ours. While the information contained in this article may contain or be based on information obtained from sources believed to be reliable, it may not have been independently verified. Where information contained in this publication contains material provided directly by third parties it is given in good faith and has been derived from sources believed to be accurate at its issue date.  To the maximum extent permitted by law: no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up to date or fit for any purpose; and no party or associated entities as mentioned is in any way liable to you (including for negligence) in respect of any reliance upon such information. This article may also contain links to websites operated by third parties who are not related to us. These links are provided for convenience only and do not represent any endorsement or approval by us.

9 views0 comments