By paying your tax bill in full and on time, you can avoid paying the general interest charge ('GIC'), which is currently 11.34%, and which accrues daily for any overdue debts.

The ATO advises taxpayers that, if your business is dealing with financial difficulties, there are some options to help make their tax bill "less taxing".

Taxpayers who are struggling to pay in full or on time may be eligible to set up a payment plan.  If you owe $200,000 or less, you may be able to do this yourself using online services.  If you cannot do so, or  owe more than $200,000, we can contact the ATO to discuss options.

Taxpayers can ask the ATO to remit their GIC.  The ATO will then consider whether the tax bill was paid late because of circumstances that were:

1.  beyond the taxpayer's control, and what steps the taxpayer took to relieve the effects of those circumstances; or
2. within the taxpayer's control, but led to results that the taxpayer could not foresee.

 If you need assistance in relation to paying your tax bill, please contact our office.