“Australian Taxation Office will commence random audits of hundreds of small businesses.” Sydney Morning Herald 5/11/15
When you run your own business you don’t want to see this newspaper headline.
The tax office has also said it will do random audits of small business and individual taxpayers, but not high-wealth individuals or companies.
One small business owner said this: “Can’t afford to go chase the bigwigs who avoid paying millions, so let’s go bully and intimidate those who can’t afford to defend themselves instead.” SMH comments 5/11/15
And to make things worse, the ATO is looking to find $3 Billion dollars in lost tax revenue!
The biggest problem most business owners face is when the tax man wants his money. Usually the money owed to you turns up late so your tax bills keeps getting bigger. Plus, the major banks won’t let you borrow to pay-off your tax debt.
So what can you do?
You’ll be please to know there are lenders who help pay-out tax debt. They specialise in consolidating tax debt and other business debts that put you under financial pressure. At Craig Tracey Lending we know what it’s like to run your own business. Let us know if you need our help: Contact us now
Here’s some articles for you to read: