Avoid growing debt and ATO pressure with expert help from Wisdom Business Consultants.
Understanding and managing tax obligations is a challenge for many small businesses. With changing tax laws, different business structures and varying liabilities, it’s easy to fall behind - leading to unpaid taxes, mounting debt and costly penalties.
At Wisdom, we specialise in helping small businesses stay compliant, reduce tax debt and negotiate directly with the ATO. With over 50 years of combined experience, we provide clear advice, tailored support and proven solutions to help you regain control of your finances.
Unsure of what taxes you owe - or already falling behind?
All Australian businesses must have an ABN and lodge an annual income tax return. If registered for GST, you’ll also need to submit regular Business Activity Statements (BAS).
The ATO tracks unpaid tax through the small business tax gap - the difference between what should be paid and what is. Whether due to oversight or misunderstanding, unpaid tax can lead to penalties, interest and recovery action.
Accurate record-keeping throughout the year is essential. Supporting documents will vary by business structure but typically include:
Let Wisdom Business Consultants handle your tax matters, so you can focus on growing your business.
If you’re a sole trader or receive income from a small business partnership or trust, you may be eligible for a tax offset of up to $1,000. To qualify, your business must have an aggregated turnover of $5 million or less.
At Wisdom Business Consultants, we understand tax offsets, thresholds, and company tax rates. We’ll help you claim all eligible deductions and reduce your tax bill with expert advice tailored to your business.
The ATO offers a range of tax concessions to eligible small businesses. Most are available to businesses with an aggregated turnover of less than $10 million, with some extended to those under $50 million.
At Wisdom Business Consultants, we help you access the full range of tax benefits you're entitled to - saving you time and money.
Tax concessions can be complex, and your business may be eligible for more than one. Let Wisdom ensure you’re not missing out.
Simplified Depreciation
Eligible businesses can:
Capital Gains Tax (CGT) Concessions
Reduce, defer, or eliminate CGT on active business assets with:
GST & Excise Concessions
PAYG Instalment Concessions
Pay-as-you-go instalments based on your prior return, helping manage cash flow and plan for tax time.
FBT Concessions (For businesses under $10 million turnover)
Superannuation Clearing House
Simplify payments by submitting employee super contributions in one place, at no cost.
If your business has a turnover under $50 million, you may not need to do a formal stocktake at the end of the financial year. If your stock value hasn’t changed - or the difference is $5,000 or less - you can estimate it without adjusting your taxable income.
At Wisdom Business Consultants, we help small businesses navigate these rules, lodge tax and BAS returns, and negotiate tax debts, fees, and interest with the ATO. Let us take the pressure off and help you stay compliant.
Understanding your tax obligations is essential to avoid penalties, interest, or ATO enforcement actions like garnishee orders, Director Penalty Notices (DPN), or wind-up proceedings.
Need clarity on what your business owes?
Let Wisdom Business Consultants guide you through your tax obligations and keep you compliant.
The ATO recognises that businesses can face financial hardship - and early engagement is key. Support options like payment plans and deferrals are available, but ignoring your tax debt can lead to serious consequences.
These may include interest charges, garnishee notices, Director Penalty Notices, or even business wind-up. The General Interest Charge (GIC) compounds daily, making it critical to act fast.
At Wisdom Business Consultants, we specialise in managing overdue tax and BAS debt. We negotiate with the ATO on your behalf to set up manageable payment plans, reduce interest and - where possible - have debt waived in cases of genuine hardship.
An ATO payment plan allows you to repay personal or business tax debt in instalments - weekly, fortnightly, or monthly - rather than as a lump sum. Once approved, it becomes a formal agreement with the ATO.
Payment plans can be arranged by individuals, sole traders, businesses, or through registered tax agents like Wisdom Business Consultants. For debts under $100,000, they can be requested online; larger debts require direct contact with the ATO.
At Wisdom, we’ll negotiate directly with the ATO on your behalf to secure a payment plan that suits your budget - and where possible, reduce interest or penalties.
Book your free consultation now on 1300 277 148 or email help@wisdombc.com.au to take back control of your finances.
Unpaid tax can lead to serious consequences - fees, interest and ATO enforcement like legal action or business closure. With debt recovery efforts increasing, now is the time to act.
At Wisdom, we specialise in negotiating tax and BAS debt, reducing interest and charges, and helping small businesses avoid escalation. We’ll simplify your obligations and ensure you claim every eligible deduction.
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