News
ATO to resume chasing small business debts
After a pause due to the coronavirus pandemic, the tax office has started collecting debts in New South Wales, Victoria and the ACT following the easing of restrictions.
Small businesses are being encouraged to lodge overdue tax returns and to engage with the tax office to set up payments plans if they have outstanding debts.
A spokesperson from the Australian Taxation Office (ATO) said: “Our initial focus will be on taxpayers with higher debts before including taxpayers with all other debts in the new calendar year.
“Taxpayers with Superannuation Guarantee debts may be prioritised irrespective of their debt value.”
Mandy Sigaloff, Managing Director at TaxAssist Accountants said: “Whilst the ATO acknowledges the challenges faced by small businesses through the pandemic, and are providing tailored support, interest and penalty costs will still apply if businesses fall behind.
“I would urge anyone that needs help with their tax debts or are struggling with cash flow, to book a free initial consultation with one of our accountants who can expertly guide business owners through how to manage their finances.”
Date published 19 Nov 2021
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our multiple locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.
See how TaxAssist Accountants can help you with a free, no obligation consultation