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ATO going after $2.9bn in taxpayer debt

By Grace Ormsby · October 23 2019
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egg

Earn

ATO going after $2.9bn in taxpayer debt

By Grace Ormsby
October 23 2019
Reading:
egg
Counting money

ATO going after $2.9bn in taxpayer debt

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By Grace Ormsby · October 23 2019
Reading:
egg
Counting money

With tax time nearly over for another year, nestegg can reveal the amount that the Australian Taxation Office aims to collect as “debt” from individuals after last year’s tax period.

In an appendix to the commissioner of taxation’s annual report for the 2018-19 year, it was reported that the value of debt held by Australian individuals that is collectable by the Australian Taxation Office sits at a whopping $2.9 billion.

A further $0.2 billion has been labelled as debt held by individuals that is subject to objection or appeal by those parties, while another $0.4 billion is not expected to be pursued by the Tax Office due to being labelled as insolvency debt.

This year’s tax deadline is Thursday, 31 October

For more information on what you can claim, click here

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nestegg has also looked at some of the tax deductions that Australians should not attempt to claim as well as what you should do if you have made an incorrect claim this tax time

ATO going after $2.9bn in taxpayer debt
Counting money
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About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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