ATO to Crackdown on Small Business Delaying Tax Payments to Prop up Cash Flow

Published on November 29, 2023

The Australian Taxation Office (ATO) has warned that it will take action to address an increase in the number of small businesses delaying tax and superannuation payments to prop up their cash flow. The warning comes as companies struggle in the current economy with the country seeing the highest rate of business closures in the past four years. In a speech to the Financial Review CFO Live summit on Nov. 28, ATO Second Commissioner Jeremy Hirschhorn provided an update on the tax situation of public and multinational companies in Australia while revealing what areas authorities will focus on in 2024. The second commissioner stated that small business now accounted for two-thirds of the $50 billion (US$33 billion) of collectible tax debt on the ATO’s record....

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Biden Sends Emails to 813,000 Borrowers Celebrating Student Loan Forgiveness

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A Magnitude 5.1 Earthquake Hits Near Barbados but No Damage Is Reported on the Caribbean Island

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