Due to a proposed change in legislation, your customers, potential customers, competitors and suppliers may soon have access to your tax details including, whether or not your company is meeting its tax obligations.
If you have an ABN and over $10,000 in debt outstanding for over three months, and you are not engaging with the ATO to meet your debt, the ATO may report this information to credit reporting agencies. The information will be available to the public soon.
As a result, your business may suffer the consequences, including denied credit applications, contracts being awarded to competitors and customers questioning your credibility. You can avoid being affected by this legislation by making sure you are across your reporting obligations and that your ATO debts are being met.
You may also seek advice on what you can do if you have previously struggled to pay the ATO on time. Experts can provide good strategies to improve your cash flow. It may be a good idea to implement a cashflow forecast to manage your income and expenses. There are some great apps that automate much of the work and provide accurate forecasts that can be shared with your team.
If you would like to know more about how you can keep your tax obligations up to date, you can click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.
Whether you are a beginner, seasoned investor or business owner, our property and business tax accountants can give you guidance to maximise the financial areas of your life. We can also give you an integrated and tailored solution of your superannuation, taxation, property investment, asset protection, estate planning and more.
Chan & Naylor Group has nationwide offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.
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