What you need to know about ATO debt
EPISODE 57
Notes
If you’re a business owner, it’s really important to know what your responsibilities are when it comes to tax or GST debts. In today’s episode, I discuss the importance of lodging your activity statements on time and run through what you need to know about ATO debt.
We know things can take a turn in the world and economy, often when we least expect it. Should anything go wrong and you want the government to assist you, it will serve you well to stay up to date with lodgements and payments. This will cause the ATO to look favourably towards you and your history.
While I have found the ATO to be very helpful, there are strict dates around lodging your business activity statements on time and making payment of any debts owed to them.
Today I give you an overview on:
What ATO debts actually are
The 2 different types of activity statements and what your responsibilities are with them
The different timeframes for lodging when you are doing so on your own behalf or using a tax agent
Penalty rates for late lodgements or payments of debt
Setting up payment plans when you’re unable to pay your debt
The importance of making super payments to staff, and how this is considered even more important than tax debts
As the ATO actually says on its website, please don’t put your head in the sand. When it comes to making payments of any debts you owe, communicating with the ATO transparently will help them help you. And it will absolutely serve your business in the long run.
I hope you enjoy today’s episode and find it helpful in understanding the importance of staying up to date and in control of any of your ATO debts.
LINKS:
Register your interest in the Bookkeeping it Real Mentoring Program here >
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About the
Author
Bec is a chartered accountant who worked at Australia’s big firms and banks for 15-years. Faced at a crossroads in her career, she backed herself, left her corporate job and launched Straight Up Bookkeeping. 3 years and 5 staff later, Straight Up Bookkeeping is one of Australia’s leading virtual bookkeeping businesses for creatives, with a mission to free business owners from financial stress so they can grow their empires.
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