As tax season comes and goes, you might be wondering how does the ATO process your tax filings and what happens when you have tax debt. If your business does have tax debt then you will want to make sure that it is the right amount and then you will want to know how to pay it. The hard working people at the ATO have laid out what happens throughout the entire process and here it is:
Business Tax Return and Tax Debt
First comes your eligibility. After you have lodged your tax return, the ATO will see whether you are eligible to get a refund or if you have a tax debt. Once the tax return has been processed, they will send you notification of their assessment. When you get this notification, it is important to check that it is correct. If you lodged it electronically then you will receive it in twelve business days and if you lodged a paper return then it can take up to fifty business days to receive your notification. Make sure that your bank account details are valid and correct so that you can receive your payment directly if you are owed one. If you have a tax debt then you will need to begin paying it by November 21.
If you or the ATO have made any mistakes then make sure to contact the ATO about correcting those mistakes. If you have tax debt then you can pay through BPAY, direct credit, credit card, direct debit, cheque, at an Australia Post store, or set up a payment schedule with the ATO. If you are going to be having trouble gathering the funds for paying your tax debt then using a tax debt relief service can help you.
Tax Debt Relief
Tax debt relief services help you avoid late payment fees and avoid the ATO taking public action against your business. Every tax debt situation is different so it is important to contact a trusted lender to create an effective plan to get your taxes paid off.
A tax debt relief specialist can approach each individual business’s situation with care and help resolve the capital shortage quickly with a network of private lenders. Big banks might require too much criteria in order to help. Tax season can be stressful enough so if you find yourself struggling financially when your tax assessment comes back then look to qualified and trusted tax debt relief specialists.