Don’t phone the ATO without a plan

Don’t wake up the sleeping dragon who is ready to swallow you – if you are unprepared.
When you call the ATO, you need to make sure you have all your information regarding your business ready on hand.
Prepare the questions they are going to ask you, for example about late lodgement or debt and have them the answers ready, even if you don’t have the answer to their question.
Finalise dealing with ATO regarding tax debt needs precis information.
  1. You might need to think about business viability information to do the payment plan.
  2. The person you are talking with, he or she might have a goal to achieve his or her KPI, so he or she will try and push you to enter into payment plan. Sometimes they are so appealing, but do not get carried away as it could be a trap.
Dealing with the ATO might sound scary, but our experience shows that in order to deal with them, you just need to understand their system first.
You need to follow their system to achieve a positive result for yourself. There might be several reasons why ATO wanted to talk to you. Such as tax debt, outstanding lodgements, etc. There is also different types of payment plans we can do with ATO, but it also depends on the client’s situation.
For the outstanding lodgements, we can help clients to buy more time.
We can benefit you by helping you to improve the businesses’ ability to pay, raise funds and make savings within the business.
For all the above scenarios, it benefits to have someone who has been where you are or has been.
Either it is payment plan or outstanding lodgements, or any other issues give us a call to YOUR BUSINESS ANGELS ON 1300 982 559 and you will be safe hands.
You don’t need a plan to call us. We can plan with you or for you.

Comments

Post a Comment

Popular posts from this blog

Image
You are finally getting recognition that you exist – it took a pandemic to do so! So, here is the thing, I’m looking for a metaphor to write this blog about small businesses in Australia that make up 62.7% of all enterprises that have finally been recognised by the government. And ironically this recognition comes about because of the pandemic. In the initial stimulus package, self-employed ABN holders were left out of the cash boost which was a refund on PAYG payments. They were also left out when Jobkeeper was first announced. But then with pressure it became clear that the 1.9 million enterprises in Australia run by one person needed support. So piece by piece, day by day, we started to get options for self-employed ABN holders who traded as a sole trader, in a partnership or as a one person company. There is still a way to go because we need to make representation to the government on a bunch of other people who operate a business legitimately pay taxes and have be
Read more

Things to know when dealing with a tax debt

Image
Many business owners allow the tax debt to creep up on them. We say that there is no such thing as a tax debt problem, a tax debt is the result of a business problem that needs to be solved. If a tax debt is occurring in a business, then the fundaments of the business, the amount of funds a business owner is taking or the way the business is trading has a problem. Understanding how a tax debt works If you have a tax debt – paying the tax debt will create a tax debt if you pay it out from your business. Future payments of tax debt are not tax deductions, they are paid out of profit, which is then taxed. In a company, when you are paying of a tax debt, you are paying 28% on that tax debt. Once you have a tax debt there is a lot to deal with. As a business owner, you are essentially given the job, by the Government to be tax collectors. You collect GST, and claim credits when you have paid GST when billed by creditors. You need to collect PAYG from your employees, pay their super, ma
Read more
Image
How to Survive a Rip Tide How to Survive a Rip Tide Lessons for Business The term “rip tide” is usually used to describe rip currents, which are long, narrow bands of water that can pull swimmers away from the shore. If you do get caught in a rip current, the best thing you can do is stay calm. It’s not going to pull you underwater, it’s just going to pull you away from shore. Call and wave for help. You want to float, and you don’t want to swim back to shore against the rip current because it will just tire you out. While some researchers recommend floating to the end of the current, advice swimming parallel to the shore to escape. In either case, it’s vital to stay calm and avoid swimming directly against the current. If you can’t break free, yell and wave your arms to get the attention of a lifeguard or other beach-goers. In the last three weeks and probably in the next few weeks you will feel like you and your business are caught in a rip. That’s because there’s a l
Read more