Many Australians hoping for an end-of-financial-year tax boost have been left disappointed - with an expert saying the ‘timing of the ATO’s decision is poor’.
The Australian Taxation Office has quietly reactivated about 290,000 historical debts worth $1.2 billion — which were frozen in 2020 — and plans to automatically offset them against AustralianIt could leave Aussies who were expecting an end-of-financial-year cash boost with either a significantly reduced tax return — or no refund at all — as financial experts slam the lack of warning on the ATO’s move.
“The ATO is legally mandated to collect these debts, but the timing of the ATO’s decision is poor,” Chapman told 7NEWS.com.au. “Now, the ATO had to reactivate these debts at some point — after putting debt collection on the back-burner during COVID — but it is difficult to justify the decision to push hard to collect these debts right now, in the middle of a cost of living crisis.”The ATO has reactivated debts frozen in 2020 and plans to automatically offset them against tax returns.Not everyone was blindsided by the ATO’s move — accountants were made aware of the reactivating of debts.
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