Have you noticed that your business taxes (GST and employee PAYGW tax) and your employee superannuation payable have been increasing over the past months?
Before long the ATO will likely contact you and put you under pressure to make repayments.
Rather than letting these liabilities get out of control – meeting with your accountant or business advisor can help you to get these liabilities back under control and keep your business on track.
VALUE OF PROFESSIONAL ADVICE
Discussing your current cash flow and debt situation with an accountant or business advisor, can help you to:
1. Clearly understand your current business liabilities, focussing on these:
- Employee Pay As You Go Withholding (PAYGW)
- Pay As You Go (PAYG) Tax
- Employee Superannuation
2. Understand when future liabilities are due
3. Start to create a plan to repay your overdue liabilities over and stay in control of them in the future
This advice will help to preserve the value of your business and also may protect the value of your personal assets.
OUR PLAN TO HELP YOU
The business advisory team at Piteo Accounting & Advisory can:
1. Review your business Balance Sheet with you – comparing monthly changes in balances over the past 3 to 6 months.
2. Review your ATO Liability Reports with you – so you can clearly understand how these are building up over time and how the ATO will view things
3. Discuss and briefly map out your next 3 month’s Cash Flow so you can start allocating funds to getting back on top of these tax and super liabilities.
Book an appointment with our business advisory team today!