Building and Construction Industry ATO Debt Crisis
If you are in the Building and Construction Industry, the ATO may be wanting to contact you!
The ATO has released a notice saying they are concerned at the amount of debt that the Building and Construction Industry has with the ATO. They are concerned that the overall amount of debt Australians have with the ATO. The Building and Construction Industry represents a large portion of the debt and the ATO has identified trends that are concerning within this Industry.
They understand that most Contractors make the effort to pay their debts with the ATO and that those that don’t meet their obligations are gaining an unfair advantage over others in the same Industry that do the right thing.
The ATO are wanting to help people in this Industry and will be contacting them or their tax agents to organise how the debt can be paid. The ATO have a range of payment options to help reduce the debt, get the business back on track and reduce any interest that may accumulate on the ATO debt.
For those in this Industry that do not pay their debt or will not make any arrangement to repay, the ATO may then recover the debt using garnishee notices which means they will take the money from the bank account of the business.
For anyone that has a debt with the ATO and do not have an arrangement in place to repay it please contact your tax agent or alternatively contact 13 1142 between 8am – 6pm weekdays and 10am – 4pm on Saturdays to make a payment plan arrangement with them.
If you have any questions regarding this topic, please do not hesitate to contact The Money Edge on 07 4151 8898.