Tax debt can now impact your credit rating!

Tucked away within the 2016/17 Mid-Year Economic & Financial Outlook (MYEFO) issued by the Federal Government in December 2016 was reference to an additional weapon the ATO will now have in collecting tax debts.

Per the 2016/17 MYEFO, effective from 1 July 2017, the ATO will be given the power to disclose tax debt information to credit reporting bureaus where taxpayers have not previously engaged with the ATO in relation to the payment of their debts.

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