You don’t have to drown in ATO debt!

It’s easier than you think for a small-medium sized business to go from successful to in trouble in the blink of an eye, particularly in this climate.

Expenses are running high, business ebbs and flows, add in an ATO debt to the mix and you could find yourself struggling to keep your head above water.

If your recent annual tax lodgement has left you owing the tax office money and you don’t have the cash reserves to pay it, you can agree to a payment plan with the ATO that allows the amounts owed to be paid by direct debit within 12 months.

General interest charge (GIC) is applied to unpaid tax liabilities and is worked out daily on a compounding basis.  The most recent GIC annual rate is 11.34%.

Whilst there is provision for individuals experiencing serious hardship to apply for release from paying some tax debts, there are very specific instance where this applies.

It is important to speak to your accountant if you have any specific questions or concerns about your ATO debt but it is also important to know that you may have other options available to you at a lower rate.

If you have sufficient equity in your property you may be able to refinance and include your ATO debt. This will enable you to free up cashflow to reinvest in your business.

If you’re facing an ATO debt, don’t let it cripple your business, get in touch today to see how I could help.

If you want to get started, you can complete our 5 minute form here: https://bit.ly/43VqyrH
Call on: 0418 552 938
Email at: peter.jefferson@mortgagechoice.com.au, or
Book a time to chat: https://bit.ly/43WsXma