Whether you’re running a business or are just an individual trying to make ends meet, there is nothing worse than finding yourself in a situation where you have a tax debt owing to the ATO, which most likely will also be accruing a general interest charge and perhaps even a shortfall interest charge.
The Australian tax system operates under a system of self-assessment, and this applies regardless of the type of tax being assessed, whether that is GST, FBT or income tax. However even with the guidance available from tax professionals like ourselves, it is not unheard of for taxpayers to still face the prospect of being saddled with a tax debt that’s still on hand long after its due date.
This can be brought about due to cash flow difficulties or perhaps the effects of personal hardship. Each unfortunate circumstance can prevent affected taxpayers from meeting their obligation on time, ending up with them carrying the tax debt.
Missing a tax deadline will lead to the resulting outstanding debt being subject to the ATO’s general interest charged (for the October to December 2016 quarter) is 8.76% (compounding daily). We can seek to have such interest charges remitted in certain circumstances.
GETTING INTO A PAYMENT PLAN
If you have difficulty meeting your tax debts, then a payment plan can be arranged with the ATO to alleviate such difficulties.
Please fill out the form below to make an enquiry and we will get back to you as soon as possible.