Small businesses owing more to the ATO

11th January 2019

The Australian Taxation Office (ATO) annual report last year revealed the growing level of debt owed to the ATO. The report revealed that collectible debt rose to almost $24 billion in the last financial year.

The overall collectible debt has risen from $20.9 billion in 2016-17 to $23.7 billion in 2018. The majority is owed by small business.

The annual report also revealed that the ATO collected more company tax from large corporations that had higher profits, which enabled it to beat its budgeted revenue target.