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 | 1 Jul, 2021

New guidelines issued on satisfactory tax records for tender bids

Major Spending Initiatives

$36 billion in new spending
$17 billion in personal tax cuts
$8.5 billion in universal Medicare spending
$5 billion for childcare
20% of student debt wiped for 3 million students
$150 off power bills for all households and small businesses
Prescription costs capped at $25 each

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.