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ATO owed more than $35b in tax debts

dioThe old saying is that there are two certainties in life: death and taxes. However, the second part of that equation is looking less certain, with the Australian Taxation Office owed more than $35 billion.

A new report from the inspector-general of taxation, Ali Naroozi, has found that the amount of money owed to the Federal Government is rising fast, despite also revealing a large number of complaints about aggressive debt collection practices.

ATO data show the tax man was owed $35.3 billion in 2013-14, which is equivalent to nearly 2.3 per cent of Australia's annual economic output that year.

The amount of tax debt outstanding was up 9.7 per cent on the previous financial year.

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