The ATO have agreed to provide global data and analytics company Equifax with commercial tax default information to include in commercial credit reports and factor into commercial risk scores.
This is designed to give customers the chance to evaluate risk more accurately during the credit application process.
Equifax will be the only credit reporting company to join CreditorWatch and gain access to the ATO’s tax debt data.
What does this mean?
The ATO will be providing Equifax with weekly data on businesses that have at least one tax debt where $100,000 or more is overdue by over 90 days.
This will give customers and Equifax more insight into the customer’s debt and ability to pay tax, which can help determine whether they should go through with a credit application.
Once a business engages with the ATO to manage that debt, such as by setting up a payment plan, the ATO may request Equifax delete the data.
Please get in touch with our office on 03 9851 7999 if you need to speak to a professional about managing your tax debts. Our team is experience in negotiating with the ATO and we can apply for a payment plan on your behalf as your tax agent, and our team is experienced in negotiating with the ATO.
Note: It is always better to contact us for assistance sooner rather than later when you incur a tax debt.
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