Tax crackdown sinks companies

Ben Butler
Sydney Morning Herald

THE number of companies going to the wall surged last year amid a Tax Office crackdown on overdue debts, figures show.

Australian Securities and Investments Commission statistics show that after two years of stability following the global financial crisis, the number of companies entering external administration surged by 9.2 per cent to 10,481.

Adrian Brown, ASIC’s senior executive leader of insolvency practitioners, said the jump appeared to be driven by increased debt collection, including by the ATO.

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