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Business Tax Tip – Do I pay the tax due or spend the amount on growing my business?

images/Business Tax Tips.PNGBusiness in reality, can be hard – and then the tax bill comes and we consider do I pay the tax due or spend the amount on growing my business, such as advertise? What if you consider not paying tax to the ATO (Australian Tax Office), and how do I get help with paying tax owed?

The ATO explains

If you don’t pay –

If you don't pay the amounts you owe us on time:

Make sure you lodge your activity statements and tax returns on time, even if you can't pay by the due date. You'll avoid a penalty for failing to lodge on time and we'll know you're aware of your obligations.

Find out about:

Read More.

Help with paying tax owed –

If you can't pay on time, we can help you.

You still need to lodge your activity statements and tax returns on time, even if you can't pay by the due date. You'll avoid a penalty for failing to lodge on time and show us that you're aware of your obligations and doing your best to meet them.

Find out about:

Payment plan

If you can't pay by the due date, you may be able to set up a payment plan to pay in instalments. You need to consider what you can pay to ensure you can meet each ongoing payment amount, and future obligations.

If you're trying to do the right thing, we're committed to understanding your situation and helping you where possible.

In some instances we may need to know more about your financial situation and your circumstances so we can work with you to set up a manageable payment plan that suits both of us. Businesses may need to show that their business is viable.

Even if you've made a payment plan to pay late or by instalments, interest will accrue on the unpaid debt.

Note: If you default on a payment plan, before agreeing to a new plan we may ask for a higher upfront payment or ask that payments are made by direct debit, or both.

See also:

Need help? Not sure? Call for FREE 30min advice / strategy session today!

Call 0407 361 596 Aust and also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!
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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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