Being chased for tax debt – It’s not that big, I just can’t seem to manage it.
Here is one of the big problems with tax debt. Just when you think you might be ahead, there is another BAS and then another round of interest, and all you do is chase your tail, and have that sinking feeling.
And wham, another letter from the Australian Taxation Office (wonder what colour it is this time) and yet another phone call from them.
But you know, that if you could get your head out of the tax debt problem, you can focus more on the business and could change things. But then there is that phone call, “I think they are going to tell me I missed a payment plan and demand the rest”.
Over the years Your Business Angels have helped so many businesses to get the ‘worry’ of tax debts out of their business’.
Most often it is about the organisation and completion of accounts.
So with a great professional firm like Your Business Angels, we can find the suitable negotiations and implement simple tax payment programs that are different (and legal), resulting in mountain of pressure off the businesses.
We explore the travel your journey has taken you until now, and analyse what has been the pattern of your tax payments over, say 2 years.
We look at the performance of the business, and see if the growth has been eating up the profit, and is it this growth that caused the problem?
How do you pay yourself?
Is the structure you run your business under creating a high level of tax, (you would be amazed at how much bad information there is around for small businesses and their structure).
We always find a properly implemented home budget helps. We recently surveyed a group of tradies and found they spend an average of $15,000 a year on takeaway lunch. So add tax to that net amount and they were over $20,000 a year for takeaway lunch. I know its small but you would amazed how many tax debts get paid with a change of your personal habits.
Give us a call, and meet with us. This pressure of tax debt can, in the end be overwhelming.
The team at Your Business Angels will recommend the Your Business Angels SafeHarbour program that promotes a cultural change, planned reform in your business thatreinvigorates a company and helps the stakeholders move on a new path ofentrepreneurship. It also settles the business’s debts, creates a compliant and profitable business, and buildsor rebuilds a business to […]
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