ATO court actions are on the rise, as small business chief Will Day confirms “firmer footing” for compliance activities
Debt collection efforts at the ATO are now on a "firmer footing" than in recent years, Deputy Commissioner Will Day has confirmed, with the number of court actions initiated by the tax office expected to hit pre-COVID levels this year.
ATO to launch online tax training portal for small businesses as it stares down $44 billion in collectable debt
The ATO is developing a new online training portal for small businesses, containing free courses designed to improve tax compliance — and help the tax office whittle down some $44 billion in collectible debts.
Small businesses struggling with ATO arrears urged to call free debt counselling hotline
Financial counsellors say the free service can help proprietors negotiate debt payment plans with the ATO.
Inflation, debt and de-globalisation: How a surging US dollar could hurt the world economy
The US dollar is the world’s reserve currency, which means it is used in most international transactions. As a result, changes in its value have implications for the entire global economy.
Australian BNPL sector touts $14.3 billion in economic benefits as lawmakers weigh the fate of pay-in-four providers
As Australian lawmakers consider how best to regulate the BNPL sector, a leading industry group claims pay-in-four systems provide a massive boon to local retailers and benefit local consumers.
Small businesses urged to ask power providers for bill flexibility as prices skyrocket
The stigma associated with reaching out for help is harming SMEs struggling to keep up with their power bills, a new report says.
Labor plans to rein in BNPL under traditional credit laws, adding new regulatory scrutiny to pay-in-four providers
It's time to "start working on regulating" the BNPL sector "within the credit space", Financial Services Minister Stephen Jones said.
Major ATO website outage puts accountants on edge ahead of June 5 concession deadline and HECS-HELP indexation
A major Australian Taxation Office (ATO) website outage left small businesses and accountants unable to file claims over the weekend.
Uni leaders call for Labor’s $14.6 million Startup Year scheme to reach founders from all backgrounds
The Startup Year initiative promises to provide income-contingent loans to 2000 students, helping them develop their business ideas in accredited university accelerators over the course of a year.
“Backlog” of business insolvencies will only increase in months ahead, Creditorwatch says
Extremely low insolvency rates through the COVID-19 pandemic mean there is now a "backlog", Creditorwatch CEO Patrick Coghlan says.
‘Overdue’: The ATO is cracking down on small business tax debts by issuing 40 director penalty notices a day
The ATO is ramping up its issuance of director penalty notices — which can hold current and former company directors personally liable.
Sharper lending algorithms and “more affluent” users turning Beforepay to profitability, CEO says
The fortunes of pay-in-advance fintech Beforepay appeared to shift on Thursday, after a new report contrasted losses against rapid customer growth and a significant reduction in debt write-offs.
