11 Jun 09 Commissioner's address - A new deal for small businessOn 10 June 2009, the Commissioner, Michael D'Ascenzo, gave an address entitled "A new deal for small business" to the Council of Small Business of Australia (COSBOA) National Small Business Summit, held in Melbourne, Victoria. In the address, the Commissioner confirmed his commitment to helping small businesses by offering a twelve month general interest charge (GIC) free payment arrangement and deferring the payment date for activity statements.
In a media release issued the same day, the Commissioner said: "While most small businesses are meeting their tax obligations, global conditions are having an impact, with over a quarter of small businesses carrying a tax debt. We’ve introduced the GIC free payment arrangements and deferred activity statement payment due dates to help those small businesses that are struggling to meet their tax obligations."
Businesses with an annual turnover of less than $2 million with an activity statement debt can apply for a GIC free payment arrangement from now until 30 June 2010. They will have the GIC remitted for a maximum period of 12 months, provided the payment arrangement is maintained.
Small businesses can also request a deferral of payment on their next activity statement. Businesses with short term cash flow problems that pay quarterly and annually may be granted a deferral of up to two months, with those that pay monthly eligible for up to one month. Activity statements still have to be lodged on time, however, no interest applies for the period of the deferral.
For a copy of the Commissioner's address, go here
For a copy of the ATO media release, No 2009/40, 10 June 2009, go here