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