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The Australian Taxation Office (ATO) has revealed the five types of business debts at the top of its watch list, as the extraordinary leniency the tax office showed to late payers through COVID-19 lockdowns finally comes to an end.
Speaking before the Tax Institute Tax Summit in Melbourne on Thursday, Vivek Chaudhary, ATO deputy commissioner of lodge and pay, said it was necessary to provide taxpayers, including small businesses, with major support through lockdowns and harsh public health restrictions.
Payment plans, deferred due dates, remitted penalties and interest, and even the ability to lodge without paying were all part of the ATO’s playbook.
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