Practical TAX Assistance Available for Young Entrepreneurs

Do you need more practical help to manage your business?

Do you get confused by all of your tax obligations and worry if you are keeping up?

We know that when you start and run a business all you want to do is just that – run the business! But what comes with that is plenty of administrative things…..like TAX! It can be confusing and annoying – we know. But there is a whole heap of help out there from the ATO just waiting for you to use for free to keep you on track and growing your business….without getting into tax troubles.

The Tax Office’s Small Business Assistance Program provides free, practical help which is aimed at keeping businesses on track.

In a recent speech to the Council of Small Business of Australia, Tax Commissioner Michael D’Ascenzo announced new measures to help businesses that are struggling to manage their tax payment obligations in the current economic climate.

Eligible small businesses with an annual turnover of less than $2 million can apply for:

• 12-month general interest charge free payment arrangements for activity statement debts (BAS)

• deferred activity statement payment due dates – they can grant requests for deferrals of up to two months for quarterly and annual payers and one month for monthly payers.

For debts of $25,000 of less, businesses can use the ATO online calculator to work out a payment arrangement that meets your circumstances. Once you have calculated a suitable payment scenario based on your circumstances, you can use this as a guide to propose a payment arrangement.

For debts of $25,000 or less, businesses can use the ATO automated self help service to apply for a payment arrangement by calling 13 72 26. The self help service operates 24 hours a day, seven days a week.

Businesses with a tax debt or experiencing payment difficulties should visit the Tax Office website www.ato.gov.au/businessdebt or phone 13 11 42 from 8.00am – 6.00pm Monday to Friday.

The Tax Office also offers other forms of free assistance to help business. Talk to them and they can help you better understand your tax obligations. Their range of business support services gives you access to experienced tax officers who can answer your questions for free and help you get on top of your tax issues.

They offer:

- On-site visits where they come to you, nice! http://ato.gov.au/businesses/smallbusiness.asp

- Local seminars and a range of workshops

For more information:
• Free tax support
• Rates, calculators and tools
• Record keeping for small business (NAT 3029)
• Do you need financial advice about managing your business during the downturn?