It’s been a successful year, but one look at your tax assessment sure knocks some of the shine off any satisfaction you may be feeling. Especially when it’s a bill that you didn’t budget for! We’ve seen the damage that a large tax bill can have on stress levels, relationships and your business – causing you to lose focus from the things that made you so successful in the first place. So if you find yourself in this predicament, here’s a list of do’s and don’ts to assist:
- Seek to understand how the tax bill came about
- Understand the options available for funding
- Be proactive and plan
- Understand how this bill will impact your future PAYG instalments
- Don't make rash decisions
- Don't go AWOL or not lodge