The Australian Taxation Office has revealed the five types of business debts at the top of its watch list, as the extraordinary leniency the tax office showed to late payers through COVID-19 lockdowns finally comes to an end.
Small business and microbusiness owners are fronting up to the University of New South Wales tax assistance clinic with an average tax debt of $80,000.
The Tax Office has started issuing warning notices to small businesses with tax debts of more than $100,000, under new powers that allow it to disclose unpaid taxes to credit reporting agencies.
