43 | $250m+ clients with disputed tax debts

Tax 'n' Lunch

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3M ago 17:19

M4A•Jakson koti

The ATO quietly changed its longstanding policy a couple of weeks ago about not chasing disputed tax debts except in rare circumstances.

Now, high net worth private clients and big family businesses will be required to pay half of the disputed tax debt even though they are, well, disputed. Yes, that's right. Clients will need to pay the ATO even though they don't agree with the tax that's supposedly owing.

It's not all bad though. In return, the ATO will agree not to start debt collection and also cancel some of the interest that accrues on the balance of the debt owing.

This change in policy is significant because the Government has foreshadowed that it is changing the law to deny clients a tax deduction on interest paid to the ATO. This could make paying the ATO a very costly exercise, with the current tax-adjusted interest rate 15%+.

Join me as I discuss these new rules and when they apply.

Connect with me here (www.linkedin.com/in/vincentlicciardi)

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