Equifax signs data agreement with the ATO to further strengthen its Commercial Credit Reports
Equifax has signed an agreement with the Australian Taxation Office (ATO) to receive commercial tax default data, with the intention of displaying this information in its commercial credit reports.
The purpose of this agreement is to provide customers with actionable data during the credit application process, allowing them to evaluate risk more accurately. Prior to 29th April 2022, this information was not available.
The ATO may report a business tax debt to credit reporting bureaus if it meets the following criteria. The business:
- Has an Australian business number (ABN) and is not an excluded entity.
- Has one or more tax debts and at least $100,000 is overdue by more than 90 days.
- Is not engaging with the ATO to manage its tax debt.
How to manage your ATO Debts:
- Go on a payment plans with the ATO
- Apply for interest-free payment plans for an overdue activity statement amount
- Apply to defer or amend your compulsory repayment or overseas levy
- Budget for tax season
- Make prepayments to manage your tax