A tax bill has caught you off guard. Let us help you handle it.
A bigger than expected assessment, a first round of PAYG instalments or a Division 7A issue can land hard. We help you understand exactly what is owed, deal with the ATO, and make sure it never surprises you again.
Not sure this is your moment? Start here
What's happening
- Your tax bill is far larger than you expected.
- You have been hit with PAYG instalments on top of the tax already owing.
- Money taken out of your company may have triggered a Division 7A loan issue.
- The due date is close and the cash is not sitting there ready.
- You want to understand how this happened and stop it happening again.
What to do right now.
- 01
Understand exactly what you owe and why
Before anything else, we go through the assessment so you know precisely what the bill is, what it relates to and whether it is correct. Sometimes the figure includes PAYG instalments for the year ahead, not just tax on the year just gone, and that distinction matters.
- 02
Check the bill is right
Errors and missed deductions happen. We review your return and the ATO's assessment to make sure everything you are entitled to has been claimed and that the bill reflects your real position before you pay a cent more than you should.
- 03
Arrange a payment plan if you need one
If you cannot pay in full by the due date, the ATO offers payment plans that spread the debt over time. Engaging early, before the debt grows or general interest charge mounts, gives you the best terms. We can deal with the ATO and put a plan in place for you.
- 04
Sort out any Division 7A issue
If you have drawn money from your company, it can be treated as a deemed dividend and taxed unless it is properly documented as a complying loan with set repayments. We help you put the right loan agreement in place to avoid an unexpected tax hit.
- 05
Get ahead of PAYG instalments
Once you make a profit, the ATO often asks you to pre pay next year's tax through quarterly PAYG instalments. This can feel like paying twice in one year. We explain how it works and build it into your cash flow so it is funded, not feared.
- 06
Plan so it never happens again
The real fix is proactive tax planning before year end, not after. By reviewing your position during the year we can estimate the bill, set money aside and use legitimate strategies to manage it. No more nasty surprises in the post.
How we help
Tax planning and structuring
Proactive planning before year end so your tax is estimated, funded and managed, and a big bill never blindsides you again.
ExploreAccounting and taxation
A careful review of your return and assessment to make sure the bill is right and every deduction you are entitled to is claimed.
ExploreBusiness advisory
Help setting money aside for tax and managing cash flow so future bills are planned for, not a shock.
ExploreQuestions we hear most often.
Have a question that is not here? Call 07 3399 2300 or book a consultation and we will answer it directly.
Why is my tax bill so much bigger than last year?
Common reasons include higher profit, the first year of PAYG instalments where you effectively pay this year's tax and prepay next year's, drawings from a company triggering Division 7A, or deductions you claimed previously no longer applying. We go through it line by line so you know exactly what drove the increase.
What if I cannot pay the ATO by the due date?
Contact the ATO before the due date and you can usually arrange a payment plan to pay the debt in instalments. Acting early keeps interest and penalties down and protects your standing. We can liaise with the ATO and negotiate a realistic plan on your behalf.
What is Division 7A and why does it affect me?
Division 7A applies when you take money or assets out of your company. Unless it is repaid or documented as a complying loan with minimum repayments and interest, the ATO can treat it as an unfranked dividend and tax you on it. Proper loan agreements and planning prevent this.
How do I stop this happening again?
Through tax planning during the year rather than after it. By reviewing your numbers before 30 June we can estimate your bill, set funds aside and apply legitimate strategies to manage the amount. The surprise only happens when nobody looks until the return is lodged.
Take the shock out of tax time.
Deal with the bill in front of you and plan so the next one is no surprise. Book a consultation and we will help you get on top of it.