The ATO Raises Alarm Over $100 Billion in Unpaid Debt
The Australian Taxation Office (ATO) has raised a significant alarm regarding over $100 billion in unpaid debts, marking the highest level ever recorded. Commissioner Rob Heferen highlighted that this staggering figure represents approximately one-sixth of the total tax collections from the previous financial year. The unpaid debts include crucial components like pay-as-you-go (PAYG) taxes and outstanding superannuation contributions, which have ballooned in the wake of challenges posed by the COVID-19 pandemic. With a debt collection goal aimed at ensuring fairness in the tax system, Heferen emphasized the ATO's commitment to tightening measures against unpaid GST, PAYG, and super contributions. For further details: https://www.business2sell.com.au/blogs/evaluation/the-ato-raises-alarm-over--billion-in-unpaid-debt