ATO Warning: Disclosure of Business Tax Debt on Credit Reports - Happening Now.

The ATO has issued a reminder to raise awareness of the actions it can now take under the Disclosure of Business Tax Debt measure.

Under the measure, businesses may have their tax debts disclosed to credit reporting bureaus and visible when applying for finance.

The ATO warns that businesses that fail to take steps to actively manage their debt may be subject to disclosure.

It is important to note that the ATO will issue the business a formal Intent to Disclose Notice prior to final action to disclose a tax debt.

Read more on the ATO update:

https://www.ato.gov.au/Business/Business-bulletins-newsroom/Tax-Time-and-reporting/Disclosure-of-business-tax-debts/