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Cash-strapped small business – Help from the ATO |
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12 Months GIC free for payment arrangements...
The Tax Office has announced new measures to help businesses with an annual turnover of less than $2 million that are struggling to manage the tax debts in the current economic climate. In a speech to the Council of Small Business of Australia, Tax Commissioner Michael D’Ascenzo offered 12 months General Interest Charges (GIC) free payment arrangements and deferred the payment date for Activity Statements for small businesses. “While most small businesses are meeting their obligations, global conditions are having an impact, with over a quarter of small businesses carrying a tax debt,” Mr D’Ascenzo said. “These new measures will not disadvantage the majority of small businesses that are meeting their tax obligations. We will continue to balance support for struggling businesses with ongoing efforts to ensure an ongoing playing field. “We don’t want the GIC or the temporary cash flow problems to be the declining factors between a business surviving and being able to meet its tax and superannuation obligations or becoming insolvent.” Ref: NTAA, The Voice Edition No. 183 |
