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One Off Chance to Clear Tax Debts

Tax FreeThe Commissioner of Taxation is offering certain small businesses and individuals a one-off opportunity to clear their outstanding tax debts on favourable terms.

The offer is available to small businesses with an annual turnover of less than $10 million and tax debts of less than $25,000 incurred before 1 July 2004. Individuals with small debts also qualify.

The ATO is progressively sending personalised offers to businesses and individuals who qualify, so don't ignore your offer when it arrives. The payment arrangements you can choose are:

  • a six-month plan, with no further general interest charges for the period of the arrangement, or
  • a 12-month or 18-month plan, with the general interest charge reduced by about half (to 6.28% a year) for the period of the arrangement.

The benefits of this offer will be conditional on you:

  • paying by direct debit
  • lodging any outstanding tax returns and activity statements, and
  • lodging all future returns and activity statements and paying by the due date.

Click here for further information.

Copyright ATO, 28 September 2004. http://www.ato.gov.au/businesses/content.asp?doc=/content/49565.htm&page=2&pc=001/003/001/002/007&mnu=58&mfp=001&st=&cy=1

 

This article is not a substitute for independent professional advice. We do not warrant the accuracy, completeness or adequacy of the information or material in this article. All information is subject to change without notice. We and each party providing material displayed in this article disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. You should make your own enquiries before entering into any transaction on the basis of the information or material in this article. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.

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