ATO eyes small business
The Australian Tax Office is targeting small businesses with two new compliance programs. With three new businesses starting up every hour the ATO will spend $40 million over the next four years making 30,000 calls and visits to help small businesses with compliance. Debt collection will also increase including an investment of $42 million in external debt collection agencies over the next four years. Tax Commissioner Michael D'Ascenzo said “Small businesses with a turnover of less than $2 million account for about two-thirds of outstanding collectable debt”.