Businesses go under as ATO chases debts put on hold during COVID | The Business | ABC News

The tax office is chasing more than $34 billion worth of debts owed by small businesses and self-employed Australians that were put on hold during the pandemic, and sometimes using aggressive enforcement action to collect money, which experts say is sending some businesses to the wall.
Some experts are predicting insolvencies could track to levels seen just after the global financial crisis.
Many of those people hitting the wall are in sectors already struggling under a slowing economy, including construction, hospitality and retail.
In many cases they also owe money to other creditors but, in some cases, aggressive debt collection action from the Australian Taxation Office is a key factor tipping them over the edge.
Subscribe: ab.co/1svxLVE
Read more here: www.abc.net.au/news/2024-03-1...
ABC News provides around the clock coverage of news events as they break in Australia and abroad, including the latest coronavirus pandemic updates. It's news when you want it, from Australia's most trusted news organisation.
For more from ABC News, click here: ab.co/2kxYCZY
Watch more ABC News content ad-free on ABC iview: ab.co/2OB7Mk1
Go deeper on our ABC News In-depth channel: ab.co/2lNeBn2
Like ABC News on Facebook: / abcnews.au
Follow ABC News on Instagram: / abcnews_au
Follow ABC News on Twitter: / abcnews
Note: In most cases, our captions are auto-generated.
#ABCNews #ABCNewsAustralia