Payment Deferral for BAS debts

See also ==> Interest free Tax Break

See also ==> 50% Investment Allowance

The Tax Office is offering a deferral of the payment due date for activity statement liabilities for small businesses with an annual turnover of less than $2 million.

The deferral is intended to provide relief to small businesses facing financial difficulties and encourage them to keep their tax matters on track.

A deferral of up to two months can be granted for quarterly and annual payers and up to one month for monthly payers.

Activity statements still have to be lodged on time and no interest applies for the period of the deferral.

Businesses can contact the Tax Office on 13 11 42 to request a deferral of payment on their next activity statement.

The deferral applies to activity statements which are required to be lodged and have not yet been lodged.

(Source ATO media release)

Copyright 2014. My Tax Zone.