Small business owners have collected billions of dollars in GST from their customers in recent years but failed to hand it to the tax office, prompting a warning from the new tax commissioner. They have also withheld billions of dollars from their employees' wages, for Pay-As-You-Go tax instalments, but they haven't handed it to tax authorities.
Rob Heferen, the new commissioner of the Australian Taxation Office (ATO), says small businesses collectively owe the ATO about $24 billion in collectable debt relating to their business activity statements (BAS), and he's worried about the implications
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