The Australian Tax Office is encouraging small businesses to take advantage of their latest initiative to help business owners manage their tax debt in the financial crisis.
Businesses with an annual turnover of less than $2 million with an activity statement debt are eligible to apply for a twelve month general interest charge (GIC) free payment arrangement. Businesses can also request a deferral of payment for up to two months on their next activity statement.
Applications for GIC payment arrangements will be accepted from now until 30 June 2010. For more information, please visit the Australia Tax Office.
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