Around half a million of Australia’s small businesses are to be offered a one-off opportunity to clear their tax debts with the Tax Office on “favourable terms”, ATO chief Michael Carmody announced last week.
"The offer will include reduced interest rates and flexible payment options - provided people agree to meet their payments through direct debit arrangements with their bank," the Tax Commissioner explained in a statement last Wednesday.
"The offer will also be conditional on people meeting future lodgement and payment obligations and lodging any outstanding statements or returns," he added.
The ATO intends to write to small business owners in the coming months informing them of the scheme, although the tax authority warned that legal action awaits firms who do not take up the offer.
"Business people have to pay their taxes. This is not only a revenue issue, it is also a fairness issue for their business competitors," continued Carmody.
"While the offer will not apply to people going into debt from today, we will continue to enter into appropriate payment arrangements with viable businesses facing cash flow difficulties," he concluded.
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