Herewith details about the Tax Office’s generous offer:
Twelve-month general interest charge (GIC) free payment arrangements
If your business has an annual turnover of less than $2 million and an activity statement debt, you can apply to enter into a GIC-free payment arrangement with us from now until 30 June 2011. However, we will expect you to enter into a direct debit payment arrangement.
These payment arrangements will be GIC-free for a maximum period of 12 months, provided they are maintained. Also, there is no limit on the amount of debt your business can have in order to enter into a payment arrangement with us.
Who is eligible?
You are eligible if your business has all of the following:
an annual turnover of less than $2 million
an activity statement debt
a mutually acceptable and sustainable payment arrangement with us that you enter into between now and 30 June 2011.
How does it work?
The GIC-free period applies to activity statement debts – for example, GST and PAYG.
Super guarantee charge (SGC) debts are not included as the GIC forms part of your employees’ entitlements.
You will not have to pay a GIC for a maximum of 12 months from the day on which you enter into the arrangement with us.
The actual GIC-free period (maximum of 12 months):
starts on the day you make the agreement with us
finishes on the day your final instalment is due.
If you default on the arrangement, the GIC-free period will end on the date of default.
We expect you to enter into a direct debit payment arrangement.
If your business is part of a group of entities, we may consider the circumstances across all members of the group when we work out if you are eligible for these offers.
How do you apply?
To apply, phone us (ATO) on 13 11 42 between 8.00am and 6.00pm, Monday to Friday.
If you are a registered user, you can contact us via the Business Portal.
If you have any queries, please contact us at Jamiesons Chartered Accountants.