Any tax debts in arrears?
Small Business tax debt is estimated at $29m plus at 30 June 2022
Whilst Australian Taxation Office (ATO) debt recovery action has been lowkey, this debt is considered recoverable. Staff numbers have been reduced in ATO, potentially meaning less patience in negotiation repayment plans. But that is changing, and it is not a time to relax.
By issuing Director Penalty Notices, individual directors can quickly become personally liable for companies unpaid GST, income tax withholding and superannuation guarantee charges.
A proactive communication has greater prospect of satisfactory conclusions than the ‘ostrich’ approach.
In more difficult circumstances, Voluntary Administration or Small Business Register program managed by an external specialist can save what seems a hopeless financial and emotionally draining situation.
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Article archive
July - September 2023 archive
- Contractor payments (TPAR) are increasingly on the ATO’s radar
- Superannuation and independent contractors: fresh Full Federal Court guidance
- Intergenerational Report 2023
- Property investors beware: new data matching program
- When will we learn to protect ourselves from ourselves?
- Federal Government toughens up employment laws.
- Small Business Tax Time toolkit for 2023.
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- Taxing unrealised capital gains a grave concern: Burgess
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- Preparing for EOFY tax scams with business and cyber resilience
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