Keeping ATO obligations up to date is a basic requirement for every business owner, but can often be ignored in the everyday realities of running a business.
We often come across business owners who keep up to date with paying suppliers and creditors, but seem to be oblivious of the other important obligations managed by the Australian Taxation Office (ATO):
This is a dangerous trap as the debt can snowball very quickly and we have seen a few instances in the past where it become unmanageable and often lads to the insolvency of the business and even the bankruptcy of the directors or business owners.
Disclaimer: This information is general in nature, and this is a complex area of law, and you should scrutinize your situation carefully, so before acting it is important to seek professional advice related directly to you and your circumstances, contact your Primarius team leader or email us at info@primarius.net.au if you require assistance.
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