A private debt collector hired by the Australian Taxation Office (ATO) to recover unpaid taxes has paid no corporate tax since securing multi-million-pound government contracts. Recoveriescorp, along with its parent entity Symbos Bidco, recorded revenue exceeding £100m in 2025 but reported annual losses due to high consulting fees and interest payments, resulting in no tax liability.
Mark Zirnsak of the Tax Justice Network Australia questioned the company's financial structure, noting it operates like a not-for-profit despite being a private business. The ATO referred over 355,000 taxpayers to Recoveriescorp between January 2024 and October 2025, awarding the firm £42.8m in contracts since 2022.
A Recoveriescorp spokesperson stated the company is fully compliant with tax obligations and is reinvesting in growth. The firm is backed by private equity firm Allegro, which acquired it in 2024. Symbos Bidco paid hundreds of thousands for advisory services from the same firm auditing its accounts, a practice a parliamentary committee recently recommended against.
The ATO declined to comment on the company's tax affairs due to confidentiality laws but confirmed it follows procurement rules. This case follows revelations that another government contractor, Telco Services Australia, also paid no corporate tax after winning a large contract.
