It’s a new year, we are all back to work and settled in now after what we hope has been a relaxing and joyful summer period for all.
Now that you’re back on track and feeling fresh, it is a great time to make sure that tax lodgment and payment obligations are all in check.
If you’ve fallen behind or aren’t sure if you’re up to date, be assured that help is available. YBM can quickly and efficiently ensure that you are in line with all expectations of you from the ATO so that you can breeze through tax time easily, without raising any unnecessary red flags to your name.
Now more than ever, we understand that cash flow challenges can make it tricky to pay everything you owe in full, however the ATO has ensured that there are payment options available. The most important step is to start the communication with them, either directly or through your accountant.
In fact, if you owe $100,000 or less, then it’s easy for us to set up an automatic payment plan that suits you via the ATO’s online services. We can adjust existing plans to suit your current financial situation as well. However, it needs to be noted that changes to payment plans must be made before debts become overdue. This includes existing arrangements and new liabilities or tax owed
If you would like to do this yourself but are unable to use the online services, then there is a phone number available that you can use to directly make these changes on your own.
The ATO has designed their online and phone services to be as user-friendly as possible.
For those of you who are owing more than $100,000, then online services are not as straightforward and we will have to discuss bespoke options together.
The consequences of ignoring your obligations and not lodging or paying what you owe can be costly. Although you may unintentionally forget, there is little forgiveness from the ATO if they need to seek you out. It is best that you are honest about your situation and a plan can be established that supports you in the best possible way.
Start your year in the best possible way by making sure that all of your obligations are met and everything is in order for the year to come.
Of course, YBM are more than happy to assist in making these arrangements and are always available to discuss your personal situation and the best solutions.
Contact us today at our Orange office on 02 6362 1533 or our Molong office on 02 6366 8049