43 | $250m+ clients with disputed tax debts

Tax 'n' Lunch

Vincent Licciardi द्वारा प्रदान की गई सामग्री. एपिसोड, ग्राफिक्स और पॉडकास्ट विवरण सहित सभी पॉडकास्ट सामग्री Vincent Licciardi या उनके पॉडकास्ट प्लेटफ़ॉर्म पार्टनर द्वारा सीधे अपलोड और प्रदान की जाती है। यदि आपको लगता है कि कोई आपकी अनुमति के बिना आपके कॉपीराइट किए गए कार्य का उपयोग कर रहा है, तो आप यहां बताई गई प्रक्रिया का पालन कर सकते हैं https://hi.player.fm/legal।

1M ago 17:19

M4A•एपिसोड होम

The ATO quietly changed its longstanding policy a couple of weeks ago about not chasing disputed tax debts except in rare circumstances.

Now, high net worth private clients and big family businesses will be required to pay half of the disputed tax debt even though they are, well, disputed. Yes, that's right. Clients will need to pay the ATO even though they don't agree with the tax that's supposedly owing.

It's not all bad though. In return, the ATO will agree not to start debt collection and also cancel some of the interest that accrues on the balance of the debt owing.

This change in policy is significant because the Government has foreshadowed that it is changing the law to deny clients a tax deduction on interest paid to the ATO. This could make paying the ATO a very costly exercise, with the current tax-adjusted interest rate 15%+.

Join me as I discuss these new rules and when they apply.

Connect with me here (www.linkedin.com/in/vincentlicciardi)

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