ATO denies overspending problem

THE Australian Taxation Office has rejected suggestions that it had stopped issuing creditors' petitions this year due to it exceeding its budget.

The comments come after Ian Carson, chairman of partners at PPB Advisory, said PPB understood the ATO had stopped issuing creditors' petitions - an application to the court to wind up a company - around the new year because it had overspent on legal fees in the second half of last year.

Another industry insider reported a slowdown in work for external advisers this year.
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''That means for the last quarter of this [financial] year, there'll be a decline in the insolvency statistics,'' Mr Carson told BusinessDay.

''Now, that won't be a reflection of the economy, of the economic conditions; that'll be a reflection on just the Tax Office.

Read more at Brisbanetimes.com.au
 



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