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Tax debt disclosure by the ATO and e-Invoicing progression
The Treasury Laws Amendment Bill (2019 Tax Integrity and Other Measures No.1) Bill 2019 mentioned also makes changes to the rights of the ATO to disclose certain tax debts to credit rating agencies under various conditions.
Business who are working with the ATO in order to manage their debts and repayments will not be eligible to have their tax debt information disclosed to credit reporting agencies.
Business tax debt information will only be disclosed under this legislation if:
The entity has an ABN and is not an excluded entity;
The business has one or more debts totalling over $100,000 overdue by more than 90 days;
The business is not engaging with the ATO to manage their tax debt obligations, and
There is no outstanding ongoing complaints and subsequent investigations about the entities tax debts.
The ATO will notify a business if they are at risk of being reported to the credit rating bureaus and provide 28 days to enable the business to rectify the debt or make an approved payment arrangement.
This measure received Royal Ascent on 28th of October 2019 and will be actionable within one day of this date.
This bill has also enacted to enable the ATO to develop a framework and systems to support an eInvoicing program in Australia, we will provide more information about the progression of this activity as it comes to light.