Owe Money to The Tax Man

The first thing to recognise is that you are not alone. According to Australian National Audit office, the total tax debt of ATO is $ 5.5 billion as per the audit conducted for 2010-2011 period but the ATO collected a $273 billion in net revenue in the same period. Source: ANAO

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So, when the tax man is chasing you for money and you hardly have any money to run your business or to live a good life, what are your choices? Let’s take a look.

  1. Well, the # 1 step you need is to double check your original tax returns. If you have overlooked an expense or a tax deduction, you may have the opportunity to go back and fix it. It is not very uncommon that business owners and accountants overlook valid tax deductions.
  2. The next best option if your tax files are accurate, is to make a payment arrangement with the ATO. The ATO understands that sometimes it is hard for business owners when it comes to cash flow. You should let the ATO know about your situation as soon as possible and request for a payment arrangement.
  3. If things are too bad and paying taxes can affect your basic necessities of life, you have the opportunity to apply for a tax release. You will need to provide ATO with evidence or supporting documents for your situation and complete a release form.
  4. If none of these options suit your situation, a business management & insolvency expert like Doug Constable Group can help you communicate with the ATO and provide other strategies to help you handle the situation.

If you are wondering whether to deal with the ATO directly or use a professional’s help, it really depends on the amount you owe. If it is a small amount in the range of few thousands or less, it may not be worth using the services of a professional. But when things are bit more serious, contact Doug Constable Group.

To get on top of your day-to- day financial management and help you stay focussed on your business, simply CLICK HERE and make a contact or make an enquiry.


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