Speaking at the Council of Small Business Organisations of Australia small business summit today, Australian Taxation Office commissioner Michael D’Ascenzo has announced new measures to help small businesses earning less than $2 million in revenue get through the downturn.
D’Ascenzo said that the ATO wants to avoid having businesses fail due to temporary cash problems, so they have announced that small businesses with a tax debt earning under $2 million, will be entitled to apply to have interest charges waived for 12 months, along with requesting deferred payment dates for activity statements.
“We’ve introduced the general interest charge free payment arrangements and deferred activity statement payment due dates to help small businesses struggling to meet their tax obligations.”
He has advised small businesses to contact the ATO immediately in order to negotiate arrangements.
Prime Minister Kevin Rudd is expected to announce details of the measure later on Friday.