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Dealing with tax and debts

Cash Flow

Get on top of your finances to reduce your stress.

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Feeling overwhelmed?

It’s really important to be conscious of how you are feeling and to take care of yourself because your business depends on it.

Take this business stress survey developed by Ahead for Business to gauge how you are coping with typical business stressors and receive tools to help you manage them.

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Dealing with tax and debts

Understanding your tax obligations

The tax system can be difficult to navigate for small business owners. It is important to understand which taxes apply to your business and what assistance you can receive.

Resolving disputes with the ATO

If you find yourself in a dispute with the ATO, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) can help.

ASBFEO provides a concierge service for businesses that have received a negative decision from the ATO. ASBFEO case managers help small businesses decide if an application to the Administrative Appeals Tribunal for review of an ATO decision is an appropriate pathway to resolution.

Getting on top of your debt

If your business is struggling with debt, there is help available to manage your situation.

WHAT TO DO WHEN YOU'RE IN DEBT

There are also practical steps you can take to ease the stress of being in debt and get back on track financially.

GETTING BACK ON TRACK AFTER DEBT

The Australian Financial Complaints Authority (AFCA) helps small businesses to reach agreements with financial service providers about how to resolve their complaints. AFCA can deal with financial difficulty relating to a range of credit products and services.

SUPPORT WITH FINANCIAL DIFFICULTY

If you need help with your financial issues, the National Debt Helpline can direct you to a financial counsellor who can provide you with personalised financial advice.

FIND A FINANCIAL COUNSELLOR

The ATO website has a wealth of information about managing cash flow, including how to do a cash flow projection.

If you are falling behind with tax or super payments it’s a good idea to contact the ATO. You can even use their online services to make a payment plan online if the debt is under $100,000.

FIND OUT ABOUT MANAGING CASH FLOW

How to get paid and manage disputes

Before you deal with another business, make sure they are legitimate by asking questions to verify information about their company.

HOW TO START DOING BUSINESS WITH OTHER BUSINESSES

If you are having trouble getting paid for work you have done, sometimes a polite and professional conversation is all that’s required to clear up a misunderstanding. If this doesn’t work, there are other steps you can take to recover money owed to you.

WHAT TO DO WHEN YOU HAVEN'T BEEN PAID

Small businesses may run into problems with their suppliers, which can sometimes turn into a dispute. The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has an online Dispute Support referral tool that makes it easy to find the most appropriate low cost service to resolve your business dispute. Small businesses can also contact the ASBFEO Assistance Team on 1300 650 460 for help with a dispute.