If you are a small business and are struggling to manage your tax debt, then you may want to consider what assistance is available to you from the Tax Office.
If your business has an annual turnover of less than $2 million and you have an activity statement debt, you can apply for a twelve month general interest charge (GIC) free payment arrangement. Applications for GIC payment arrangements will be accepted from now until 30 June 2010.
You can also request a deferral of payment on your next activity statement. If you are experiencing short term cash flow problems and you pay your activity statement quarterly or annually, you may be granted a deferral of up to two months. If you pay your statement monthly, you may be eligible for a deferral of up to one month.
For further information on GIC and deferred activity payment arrangements please visit the Tax Office website or call 13 11 42.
