Businesses who cannot pay their taxes on time can set up an agreed payment plan with the ATO to avoid late payment penalties. This may be especially useful for businesses during the post COVID-19 period.
In response to the economic effects of COVID-19 on businesses, the Australian Government has provided cash flow support as part of their stimulus package. However, support measures such as JobKeeper, cash flow boosts, and the Coronavirus SME Guarantee Scheme are set to end in September 2020. As a result, businesses relying on Government support may find themselves struggling financially when October arrives. It is therefore important that businesses are prepared for this period, and one way to do this is by setting up a tax payment plan.
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Susan Flux, Brisbane
Since that time I known Tony and his team at Lee and Lee, they have provided me with outstanding advice and services regarding my personal, family and especially my SMSF borrowing setup for wealth creation and tax reduction strategies that have since led to financial independence.
I now very clear and feel confident on my future financial goals and taxation strategies and know they can be achieved with Tony’s expert and professional help.
Shukri Barbara, Property Tax Specialists Sydney
Tony’s understanding of the business and tax environments, together with his experience and can do attitude enables him to deliver creative solutions outside the square as much as inside, A positive thinker I find Tony inspiring, guiding clients and associates to a prosperity mindset.
Tony has impressed me with his technical knowledge and execution. He works with honesty and integrity and is generous in his dealings.
John Mu, Internet Marketing Strategist Gold Coast
Tony Lee and his team at Lee & Lee is without a doubt Australia’s number one accounting firm.
Tony has the strategies which are helping me legally minimise tax. He has helped me in my personal development and wealth creation to build a multimillion dollar property portfolio.