How much debt is owed to the ATO?

Are second mortgage loans risky?
May 28, 2020
Does owing the ATO affect your credit score?
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Are second mortgage loans risky?
May 28, 2020
Does owing the ATO affect your credit score?
January 11, 2024

As of September 2023, the tax debt owed to the Australian Taxation Office (ATO) stands at approximately $50.2 billion. However, small business collectible tax debt accounts for approximatley $33 billion of that total. Notably, the ATO’s collectible debt has increased from $12 billion in the 2019/2020 year. This growth in debt owed to the ATO can be attributed to two significant factors:

  1. Businesses Falling Behind During COVID Lockdowns: Many businesses faced financial challenges during pandemic-related lockdowns, impacting their ability to meet tax commitments.
  2. ATO’s Temporary Hold on Tax Collection Activities: In response to the pandemic, the ATO temporarily suspended some tax collection activities, which contributed to the accumulation of debt.

https://www.smh.com.au/money/tax/ato-urges-small-business-to-come-clean-on-30-billion-of-debt-20230608-p5df5g.html