The Tax Office is coming!!

The Inspector-General of Taxations’ analysis of four years of ATO data found that collectable debt (tax owed by us)  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.

Yes, taxpayers owe the Tax Office $34,100,000,000, that’s approximately $1,300 for every person in Australia, including kids!!!

The report found that small business taxpayers accounted for the majority of the overall debt book at 62.6 per cent, or $21.4 billion. Individuals not in business were responsible for 20.6 per cent, privately owned and wealthy groups made up for 11.2 per cent, while public and multinational companies accounted for 3.9 per cent of overall collectable debt levels. THAT’S US.
So what does this mean???