One of the most challenging parts of being self-employed is actually getting paid for the work you’ve done. When people don’t pay, it can make paying your own debts tricky. The Australian Taxation Office (ATO) recommends that small business owners address these issues early and take a proactive approach.
The ATO has worked with many small business owners, and government agencies to develop practical guides to help you stay on top of your debts.
These guides will show you:
- How to reduce the risk of unpaid invoices
- What you can do when you haven’t been paid
- What to do when you’re in debt
The ATO has an app available for download, which has useful tools to help keep your business on track.
A number of valuable features include:
- Payment plan estimator to calculate an affordable payment plan suited to your circumstances
- Business performance tool to check your business’ financial health and benchmark against those in your industry
- Key dates to set important tax and super reminders and alerts
There is also a Business Viability Assessment tool to help determine your business’ ability to pay outstanding debts and meet ongoing commitments to creditors.
More information can be found on the ATO website and the app can be downloaded here.
For a second opintion, visit one of our TaxAssist Accountants in Sydney, Mid North Coast, or Gold Coast.
By Terry Murphy
Last updated October 2017