Are you concerned about your ATO debts and upcoming taxes?
You are not alone.
The government says they are building a bridge to get you through this massive hole.
Small businesses (less than 20 staff) employ approximately 5 million people in Australia, and the government does not want all of these people joining unemployment queues, and / or seeking welfare.
In the current stimulus package for business, if you currently owe the ATO any level of business debt, it may be possible to:
a) obtain 6 months renegotiation for lower repayments on your existing debt to ATO
b) obtain an interest free arrangement / loan (either remissions, or a low rate plan)
c) deferrals of certain tax payments for 4 months including:
– BAS commitments (PAYGI, FBT and excise instalments)
– Income tax assessments
– Excise duties
– FBT assessments
These concessions will not be automatically applied, we need to request them.
It is important to note that you must still meet all (SGC) superannuation guarantee payments on time.
How do you qualify:
a) We need to establish with ATO that your business is corona virus affected (if you are on planet earth you are affected)
b) We need to start the conversation with the ATO. You can do this yourself, or in conjunction with our office.
Please contact our office if you would like our assistance in managing any of these matters.
If you are concerned about the viability of your business / company, please read on…
If your business is experiencing serious financial hardship, it would be prudent to take appropriate action to determine it’s solvency.
Continuing to trade if insolvent is against the law, and may result in serious legal action being brought against directors.
In addition to this, directors may become personally liable for certain unpaid liabilities including superannuation guarantee, PAYGW (wages tax), and GST if they fail to lodge and pay these commitments on time.
Do not expose your family assets, reach out to our office and be pro-active.
We can assist you to determine the most effective strategy and tactics moving forward.