Australian tax chief Chris Jordan's "unapologetic" focus on small businesses "treating ATO liabilities like a free loan" has sparked a strong response from the SME community.
Small business directors who confess their late tax statements under the failure to lodge penalty amnesty program may not be spared from other Australian Taxation Office crackdowns, including the use of 'lockdown' director penalty notices, a leading restructuring expert has warned.
An ATO amnesty allowing small businesses to lodge overdue tax debts without attracting late payment penalties has proven a smash hit in its first two months, with 7,200 business stepping forward to date.
The ATO is encouraging small businesses which have fallen behind on their tax debts to take advantage of its new penalty amnesty scheme, which accounting experts see as one of the last accommodating gestures from the tax office.
