IR recognises that the effects of the economic downturn have compounded over the past few years, ultimately impacting some customers’ ability to file returns and pay. Even so, we achieved our target for returns filed on time at 96.4% (target 95%). We were just 2 percentage points short of meeting the target for payments made on time and in full at 88.2% (target 90%). This indicates most who have tax to pay, including businesses, are managing to adapt despite the current economic challenges.
IR has collected more overdue debt this year—$4.07 billion, up from $2.95 billion in 2022–23. This result reflects that there was more overdue debt to collect and increased debt recovery activities. With the additional compliance funding outlined on page 31, we will intensify our efforts to manage and recover outstanding amounts.
Results from debt recovery
- $4.07b in overdue debt was collected. 2023: $2.95b.
- $67.69 in cash was collected for every day dollar spent on debt. 2023: $47.11. 2022: $43.43. Target: $40.00.
- $71.63 was the value of assessed revenue from addressing unfiled returns. 2023: $60.12. 2022: $61.10. Target: $45.00.
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Read more detail about student loan compliance.
Read more detail on instalment arrangement results at: