According to ATO Commissioner Rob Heferen, 22,000 taxpayers owe $11billion in unpaid taxes which is about 20 per cent of the total collectable debt. (Representative image). Inset: Tax expert Puneet Singh says many business owners engage in illegal phoenix activity where in they close down a business, declare bankruptcy and open another similar business with a different name. He warns that ATO is keeping a close eye on such activities, and it can lead to hefty penalties as well as being banned from owning another business again. Credit: Credit: triloks/Getty Images; Inset: Supplied by Puneet Singh
The Australia Taxation Office issued over 84,000 Directory Penalty Notices (DPNs) in FY 2024-25, triple the number from the previous years. According to ATO Commissioner Rob Heferen, 22,000 taxpayers owe $11 billion in unpaid taxes - about 20 per cent of the total collectable debt. If you're not paying your company's PAYG withholding, GST or superannuation on time, ATO can come after your personal assets for your unpaid company taxes. In this podcast, financial expert and registered tax agent Puneet Singh breaks down what migrant entrepreneurs need to know to protect themselves.
The Australia Taxation Office issued over 84,000 Directory Penalty Notices (DPNs) in FY 2024-25, triple the number from the previous years. According to ATO Commissioner Rob Heferen, 22,000 taxpayers owe $11 billion in unpaid taxes - about 20 per cent of the total collectable debt. If you're not paying your company's PAYG withholding, GST or superannuation on time, ATO can come after your personal assets for your unpaid company taxes. In this podcast, financial expert and registered tax agent Puneet Singh breaks down what migrant entrepreneurs need to know to protect themselves.
