ATO Emerges as Major Small Business Lender with Over $15 Billion Owed in Tax Repayment Plans

Tax time can be a challenging period for small businesses. Managing finances, accounting, and bookkeeping tasks are often overwhelming, leaving business owners with little time to focus on what matters most—their core operations. Unfortunately, many small business owners are caught off guard by unexpected tax bills, leading to economic strain and significant financial repercussions. As a result, the ATO has become one of the biggest lenders to small businesses in Australia, as many entrepreneurs find themselves on tax repayment plans to manage their tax debt. This situation underscores the need for proactive measures to avoid tax debt and alleviate the burden on small businesses.  

Understanding the frustrations and financial burdens small business owners face, Thriday — a next-generation accounting platform — has developed a revolutionary tax predictor to empower businesses and provide accurate tax forecasts, enabling them to plan and minimise unexpected tax bills.    

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Michael Nuciforo, CEO of Thriday, explains, "Small business owners are no strangers to the frustrations of financial administration. Balancing the books, keeping track of expenses, and ensuring compliance with tax obligations can be time-consuming and complex. This strain often leaves entrepreneurs under-prepared for tax time and with no comprehension of what their tax position will be."  

To help businesses get on the front foot, Thriday has developed its groundbreaking tax predictor. Powered by artificial intelligence, Thriday's tax predictor enables small businesses to plan ahead and minimise the impact of unexpected tax bills. By harnessing advanced algorithms, the tax predictor provides accurate tax estimates, empowering businesses to make informed financial decisions.  

Nuciforo added, "With Thriday's tax predictor, small businesses can forecast their tax obligations accurately, allowing them to allocate resources and plan their cash flow effectively. By gaining visibility into potential tax liabilities, businesses can better prepare and avoid the financial strain caused by unexpected tax bills."  

Thriday's commitment extends beyond accurate tax estimates. In cases where businesses face tax debt, Thriday stands ready to assist in supporting clients with strategies for paying back their bills to the ATO. Thriday understands that businesses may encounter unforeseen circumstances and provides guidance to help them navigate repayment.  

"We recognise the challenges small businesses face during tax time," said Ben Winford, COO at Thriday. "For businesses that still end up with a tax debt, we have many tools built into the product, such as sub-accounts, that allow businesses to set aside funds to stick to their repayment plans."  

Thriday's tax predictor is a game-changer for small businesses, helping them confidently navigate tax time. By empowering businesses with accurate tax estimates and proactive planning, Thriday is revolutionising the way small businesses approach their financial obligations.