Small business assistance program extended
The Commissioner of Taxation announced in a recent media release that the Tax Office would extend the measures to assist small businesses which were introduced as temporary incentives last year.
Under the current small business assistance package, there are currently almost 100,000 interest free payment arrangements in place worth $1.5 billion and over 6,600 deferrals of activity statement payment due dates have been granted.
The package of measures was originally intended to expire on 30 June 2010 but will now run until 30 June 2011. The extension of the Small Business Assistance Package will mean that eligible businesses with a turnover of $2 million or less will continue to have access to:
1) a twelve month general interest charge (GIC) free payment arrangement with the Tax Office,
2) and a deferral of activity statement payment due dates.
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