Unable to pay GST? Take action NOW

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The 28th of this month is the GST Due Date for the GST Period 1st June 2015 to the 31st July 2015. If you are unable to pay the GST due then please note that:

  •     An initial 1% late payment penalty will be charged on the day after the due date.
  •     A further 4% penalty will be charged if there is still an amount of unpaid tax (including penalties) at the end of the 7th day from the due date.
  •     Every month the amount owing remains unpaid, a further 1% incremental penalty will be added.
  •     As well as the penalties above you will be charged interest on tax that remains unpaid until it is eventually paid.

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GST due 28th of this month

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Friday 28th August 2015, for many entities (read our post about what an entity is) is the GST Due Date for the GST Period 1st June 2015 to the 31st July 2015. If you are unable to pay the GST due then please note that: –

  • An initial 1% late payment penalty will been charged on the day after the due date.
  • A further 4% penalty will be charged if there is still an amount of unpaid tax (including penalties) at the end of the 7th day from the due date.
  • Every month the amount owing remains unpaid, a further 1% incremental penalty will be added.
  • As well as the penalties above you will be charged interest on tax that remains unpaid until it is eventually paid.

There has been talk recently on how the penalties mount up increasing the debt far beyond the original GST amount owing. Read More »

What are the relevant laws and regulations a business must comply with?

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As with anything in life you have the freedom of choice however also be aware that with every choice you make there is a consequence.  In this instance you have the choice to either take care of your business compliance responsibilities yourself or to engage the services of a professional such as ourselves.

Let’s take a look at each option.

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