Tax debt by instalments

PHILIP Martin FCA of PMCA Accounting and Taxation in Olinda has some advice for people who are finding it difficult to pay their tax debt.
“While the Tax Office is not a bank and shouldn’t be treated like a lender of money, you can call them and make a payment arrangement,” said Philip who also offers some tips.
“Make the arrangement before the due date, or as soon after as possible.
“Negotiate a payment plan that you can achieve and stick to the plan.
“If you have difficulty with one of the payments, call them and renegotiate the plan,” he advised.
“If the thought of calling the Tax Office freaks you out, ask your accountant to do it.
“We have recently negotiated payment arrangements from a few thousand dollars to almost a quarter of a million dollars over terms up to two years.
“High level debts are tricky to negotiate, but it is possible.
“As in many areas of life, the rule is ‘take action or they will take action against you’.”
Phone PMCA Accounting and Taxation in Olinda on 9757 7100 for more details or visit www.pmca.com.au