The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has urged struggling small and family businesses to be proactive at tax time, as a new report reveals declining payment plans despite record collectible debt owed to the Australian Taxation Office (ATO).

Mr Billson says the report, released today by the Inspector General of Taxation and Taxation Ombudsman (IGTO), shows that although SMEs owe $21 billion to the ATO – well over half of this collectible debt is held by just 6.4% of SMEs.

In this video Ombudsman Bruce Billson discusses the role of our office.

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Transcript

The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell welcomes the announcement by the Treasurer to introduce an Australian Business Securitisation Fund and facilitate further discussion on the development of an Australian Business Growth Fund.

The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has welcomed the banks’ ongoing efforts to support small businesses impacted by COVID-19 lockdowns.

The Australian Banking Association says banks will defer loan repayments for small businesses affected by lockdowns throughout Australia for three months.

“This is a positive initiative that will help many struggling small businesses stay afloat in these challenging times,” Mr Billson says.