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15 Aug 2019 Disclosure of business tax debts

The Government introduced theTreasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 on 24 July 2019 which will allow the ATO to disclose tax debt information of businesses to registered credit reporting bureaus (CRBs). This bill was referred to the Senate Economic Committee on 25 July 2019. Submissions to the Committee are due by 15 August 2019. 

Treasury have also released a draft Legislative instrument on the class of entities that the measure applies to (submission on the draft legislative instrument are due 21 August 2019). 

Under the proposed law, the ATO will only be able to disclose tax debt information of a business where certain criteria are met. 

Businesses which are engaging with the ATO to manage their tax debts will not have their tax debt information reported to CRBs. 

More information can be found here.

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