At a recent Tax Institute summit, ATO Deputy Commissioner Vivek Chaudhary said the growing debts are “concerning and unsustainable,” with small businesses in the hot seat.
The ATO isn’t messing around. They’re dishing out 60 Director Penalty Notices (DPN’s) a day and planning to throw 50,000 “intent to disclose” notices into the ring. Garnishee notices and winding up applications are making a comeback too.
As if small businesses didn’t have enough on their plates, the ATO is turning up the heat in an already tough economic climate. Rising costs, higher borrowing fees, and sleepy consumer demand are the unwelcome guests at the business party.
To weather the storm, it’s crucial for businesses to stay nimble and be ready for the ATO’s time-sensitive demands. Understanding the risks and consequences of ATO interactions is key. The Small Business – Lodgement Penalty Amnesty Program might help with late lodgements, but watch out for those sneaky DPNs.
In these uncertain times, we’re here to help you. If you have any queries please contact our office on 08 9387 5637.
