If you’re getting ready to lodge your tax returns then you’ve probably got a heap of questions.
Question like: What are the key dates? What if I can’t lodge on time? What are the penalties for being late?
What are the key dates?
The Australian Tax Office’s own website is actually pretty clear with all the lodgement dates. There’s also useful information on lodging and paying. You can check out all the lodgement dates here – but just note that these can vary for tax agents.
What if you can’t lodge and pay on time?
One of the biggest mistakes a lot of businesses make is thinking that, because they can’t pay, they shouldn’t lodge. This only makes a bad situation worse.
There are separate penalties for failing to lodge and failing to pay. However, the ATO do look more favourably on businesses that lodge even if they can’t pay immediately – so it is always good practice to lodge on time.
If you can’t lodge or pay by the due date then your best bet is to contact the ATO as soon as you can.
The thing to remember here is to be proactive.
How to handle your tax debt
Aside from getting your tax submissions up to date and keeping on top of your cash flow throughout the year, dealing with existing tax debt can be a bit tough.
The ATO do offer payment plans for businesses looking to settle their tax debt, however, these aren’t always suitable for small businesses.
Another option is refinancing your tax debt.
We specialise in understand your unique situation and arranging the best working capital loan facility for your business.
We’ve already helped heaps of businesses get on top of their tax debt and in control of their cash flow. Click here to contact me now or text me on 0400 449 135: Contact Us