ATO tax default data is now included in commercial credit reports. This new information allows lenders to assess this additional data for new borrowing. Likewise, it lets you see if a company you’re doing business with owes a significant amount of ATO tax and has failed to repay the tax obligation.
Understanding a company’s tax information is a vital piece of the puzzle for lenders evaluating credit risk in new and existing customers. As many businesses seek to pay their tax obligations as late as possible, this new data stream provides you with greater risk oversight for better decision-making.
If you are in business, you can create an alert on your business which will notify you as soon as a default appears on your credit file. Also, an alert can be created for a business you are interested in.
Many credit reporting agencies – such as Equifax and Experian – have this information available.
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DISCLAIMER: The above content is to provide general information and does not constitute financial, legal or other advice. This means that duties and requirements imposed on people who give financial advice do not apply to this content. For advice contact your accountant or legal advisor.