S4E5: Cost of tax debt to soar

Do any of your business clients owe money to the Australian Tax Office? There is more than $50B of collectable tax debt to collect. 65% relates to small business so the answer is likely YES. There’s a major change coming on interest deductibility which CA ANZ members need to know about. From July 1, 2025, the general interest charge and the shortfall interest charge will become non-deductible, increasing the cost of tax debt. It means businesses will have a strong incentive to obtain finance from banks instead of sitting on tax debt and they’ll be looking to accountants for help. Senior Tax Advocate Susan Franks CA joins host Gillian Bowen to go through what’s changing, what accountants can do to help their clients and where to find resources. Register for the Director Penalty Notices Webinar in June – link coming soon! Read more in Susan’s article Register for ONLINE EVENT – Australian Federal Budget 2024 Check out the Small Firm, Big Impact podcast pageSee omnystudio.com/listener for privacy information.