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ATO’s $34bn debt book outpaces economic growth: Inspector-General of Taxation

ATO’s $34bn debt book outpaces economic growth: Inspector-General of Taxation

The ATO’s debt book jumped by 77.6 per cent to $34.1 billion in just four years, with a small number of taxpayers responsible for a large portion of the debt, a new report by the tax watchdog has revealed.

by Shared by Accountants Daily | Jul 1, 2021

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The Inspector-General of Taxation’s analysis of four years of ATO data found that collectable debt grew by its largest margin between 2019 and 2020 from $26.6 billion to $34.1 billion, after the ATO suspended debt collection activity in response to the black summer bushfires and the early impact of the COVID-19 pandemic.