When dealing with taxpayers and their outstanding liabilities, the ATO have announced that they will be tailoring their communication based on the taxpayer’s previous behaviour and choices.
The ATO will be using data about the taxpayer’s previous behaviour, obligations and risk profile to tailor how they respond to the late payment. This will mean:
* The first notification you receive may be different than before;
* The ATO may contact you in different ways, including by letter and phone. If you have linked your myGov account to the ATO, letters will be sent to your myGov Inbox;
* The ATO may take appropriate action after only eight days.If you are having trouble paying your ATO liabilities, please contact us immediately. It is important that we communicate with the ATO to ensure no further action is taken.
Xavier Quenon from Go Mortgage (based in Helensvale) recently wrote an article recently about the impact of ATO debt on borrowing capacity. You can access the article here.
DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent,
Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or lifting weights in her local CrossFit gym. Book in to see Jeanette today.