If you can’t pay your BAS… don’t panic. You’re neither the first nor the last to be in this situation.
I’ll walk you through some key steps on what you can do to avoid problems.
Lodge your BAS on time
Make sure all your BAS are lodged on time, regardless on whether you can pay it or not. Put your forms in on time.
Why? If they are in on time, you can stop yourself from becoming personally liable down the track.
If you don’t lodge them on time, you are personally liable. And yes, you are liable before you can put the company into administration and walk away. So you really don’t want this to happen.
If you cannot pay your BAS, there is no problem. Here are two options for dealing with this.
If it’s less than $20,000
You owe less that $20,000 to the ATO, so what can you do?
Simple: ring them up, do a deal.
You would be surprised to learn how flexible the ATO is if they see you are on the front foot.
You might also be interested in: Cash Flow: Cash Is King!
If it’s more than $20,000
Let’s say you owe hundreds of thousands of dollars. It can happen. In this case, you still need to contact the ATO. They will ask for:
- A cash flow
- A balance sheet
- A profit or loss sheet
Remember: if it is less than that, then they will do a deal as long as you keep the deal up to date.
Keep your promise
This is THE most important thing you can do. If you keep your payments up to date, you are showing good faith. Honestly, this entire situation is about keeping your word and having a bit of integrity.
[ctt template=”7″ link=”dWmy4″ via=”no” ]Keep your promise. This is THE most important thing you can do. [/ctt]
People trust you because you keep those payments.
If you don’t keep the payments up to date, you can change the due date. However, do it before the due date and the ATO will work with you. If you do it after the due date, forget it. Nobody will believe you or trust you.
You might also be interested in: The Benefits Of Business Planning
Need help coming up with a solution?
I’ve helped countless company owners deal with BAS. I can help you find an easy yet trustful way to pay your BAS later. Let’s get in touch now to discuss the means around your BAS payment due date.
