Here’s my FREE DOWNLOAD on how SMEs can get on top of their business tax debt and keep on growing their business.
Another Financial Year is over – and as FY2024-25 gets underway so does the ATO.
For many SME businesses it’s going to be a particularly tax year – because they have a form of “SME long st” – a big tax debt that they really don’t know how to pay.
How do I know this? Partly because of the numbers – AND because of the response I get every time I talk about the subject. (Confirmed by a recent Scotpac report that 62% of SMEs have been impacted by ATO debt in the past 18 months.)
What are the numbers? Outstanding business tax debt today – in Australia; in total – is $52.4 billion. $34.1 billion of that debt is owed by SMALL business.
Many SME operators have accumulated so much tax debt that they have no idea how to pay it without closing down their business (and maybe losing their home because it’s security for their business debt). So they ignore the debt.
Until recently that was a semi-viable strategy – but no longer. The COVID tax “holiday” is over.The ATO has now publicly declared that it is focussing on:
- Recovering that debt; and
- Preventing the further accumulation of tax liability.
If this is you – don’t panic!
There are practical ways to deal with your tax debt – without ruining your business – IF you get expert, strategic advice. By combining tax law expertise, effective negotiation and strategic cash flow financing tools, it’s likely that you can get your tax debt under control and still run a rewarding business going forward.
I’ve put together a detailed explainer document on the basics of Mastering Tax Debt: How to pay off your SME tax debt without crippling your business.
Its purpose is to help you see that there are practical strategies and options – and to reduce the overwhelm and despair I see all too often when I first get called in.
This explainer is FREE to download – so you can jump in straight away – or save it to read tonight – or send it to someone who needs it if business tax debt is not an issue for you.
And if you find that you want to discuss practical strategies for financing your tax debt without ruining your business, then book your free strategy session today.
