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Tax Debts Deferral

George and John

Tax and the Non-resident Investors
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Tax Debts Deferral
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The concessions from 2009 have been extended until 30th June 2011.

Small businesses (turnover less than $2 million) with an activity debt can apply for a general interest charge free payment arrangement and deferred activity statement due dates.

An activity debt includes GST and PAYG.

This is the same as offered in 2009 (see previous article titled Australian Taxation Office Defers Tax Debts, though reproduced below for your convenience)

But the new expectation is that payments are made by direct debit – only rarely would this be a disadvantage.

These are quite generous concessions, but taxpayers should not rely on them to be extended and should ensure that they don’t become complacent about this “free finance”.

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Australian Taxation Office Defers Tax Debts

As yet another reflection of tough business conditions, businesses with an annual turnover of less than $2 million can enter a 12 month interest-free arrangement to repay business activity statements debts.

Under the proposals:-

Business with an annual turnover of less than $2 million with an activity statement debt can apply for a general interest charge (GIC)-free payment arrangement.

Any arrangement would be valid until 30 June 2010.

Businesses will have the GIC waived for 12 months, provided the payment arrangement is maintained.

Businesses can also request deferral of payment on their next Business Activity Statement.

Businesses with short-term cash flow problems that pay quarterly and annually may be granted a deferral of up to two months, whilst those that pay monthly are eligible for up to one month.

Activity statements still have to be lodged on time, although no interest applies during the deferral.

 

 



31st-August-2010