Tax Debt ways Forward

Tax Debt ways Forward

Paying taxes in Australia is not optional and directors are responsible for ensuring that the company’s taxes and superannuation are both reported and paid on time.

There may be occasions where the business cash flow makes this difficult, directors are often tempted to not lodge, if this happening to you; our advice is simple:

Lodge – don’t delay

Failing to lodge immediately puts you on the Tax Offices radar. You can avoid this by lodging then contacting the Tax Office to make a payment plan, as this is what the Tax Office is encouraging.

If you fall behind on lodgements and payments you may end up becoming personally liable.

You should speak to your accountant about managing debt and if it's too hard to navigate, our firm may be able to assist in formulating a plan including small business restructuring aimed at permanently dealing with tax debt.

Navigate to our small business restructuring page for further details.



Please do not hesitate to contact us now for a free and confidential initial consultation.