Support Available for Small Businesses at Tax Time
Aug 27, 2024
Small businesses needing additional help to meet their tax obligations can access a range of support options from the ATO.
The 2024 Tax Time toolkit for small business includes helpful information, tools, calculators, learning resources, and other support and services. The toolkit is your one-stop shop for support during tax time and throughout the year. You should also check out the ATO’s free online learning resource Essentials to strengthen your small
business. It’s a flexible and free resource containing over 30 short courses for small businesses, educators and tax professionals to share and use with their staff, students and clients.
It’s important that all your tax and super obligations are paid in full and on time. However, if you need some additional time pay, you may be eligible to set up a payment plan with the ATO. This will allow you to break down your tax payment into smaller amounts that are made via instalments. If you owe $200,000 or less, you
may even be able to set this up yourself online without needing to call them. Tax debts on a payment plan continue to accrue interest, which compounds daily. Paying your debt in the shortest period of time will help reduce the amount of interest that you’ll pay.
If you’re struggling, the ATO encourages you to contact them or your tax professional early, support is available for small businesses. Being proactive and taking steps to fix problems sooner rather than later could help turn your business around.
