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Tax office offers assistance to small businesses
The Australian Taxation Office has announced measures for businesses with an annual turnover of under AUD$2m that are struggling with tax debts.
Speaking to the Council of Small Business of Australia earlier this month, Tax Commissioner Michael D'Ascenzo said that small businesses would be offered 12 month interest charge free payment arrangements and deferred payment dates for activity statements.
"While most small businesses are meeting their tax obligations, global conditions are having an impact, with over a quarter of small businesses carrying a tax debt," D'Ascenzo said.
"We've introduced the GIC free payment arrangements and deferred activity statement payment due dates to help those small businesses that are struggling to meet their tax obligations.
"These new measures will not disadvantage the majority of businesses that are meeting their tax obligations. We will continue to balance support for struggling businesses with our ongoing efforts to ensure a level playing field.
"We don't want the GIC or temporary cash flow problems to be the deciding factors between a business surviving and being able to meet its tax and superannuation obligations or becoming insolvent." Details: www.ato.gov.au
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