Don’t worry, your
business is in safe hands
Most time your employer withholds a portion of your earnings to forward to the Australian Tax Office (ATO), but for those who work for themselves, managing tax debt becomes onerous. Unfortunately, failure to submit tax returns or failure to properly calculate taxes due on revenue earned can lead to tax debt that becomes impossible to pay off in one shot. The ATO will tell you that the way to manage your tax and avoid tax debt is to pay on time every time.
Tools to Make You Aware of Your Tax Obligations
We all have to pay our taxes, even when as a business, you are waiting for your debtors to pay up so that you can pay your taxes. The ATO understands this and they have implemented measures and tools to help individuals and businesses avoid tax debt. These tools assist a business with good cash flow management and also good record keeping. Their Tax calendar for instance, is a useful computer tool which allows you to plan and manage your tax obligations because it records all dates you need to remember connected to tax. The calendar sets up reminders, records appointments and also prints a yearly planner which shows your tax obligations and due dates.
The ATO have even gone as far as offering free workshops and webinars on tax basics. They also offer their Tax Help concept which offers fully trained and accredited volunteers to help people complete their tax returns in time. Tax Help is available in all of Australia’s capital cities and is for seniors, students, and people on low incomes, those with disabilities and those who cannot understand English.
Arrange a Payment Option
Avoid tax debt. It is better to contact the tax office, and if your circumstances warrant it, a payment arrangement can be worked out. You don’t want to come up against the tax office’s debt collection agencies, and the ATO’s focus is on making it easy for all taxpayers to meet their tax obligations.
The Australian Taxation Office wants to ensure that all Australians have confidence in them. They want to help Australians to avoid tax debt and the penalties and fees that come with it, and they have come up with easy and effective tips and tools to stay out of trouble with them and to live in peace.