The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship.
Depending on the business taxpayer’s circumstances, the ATO may be able to:
- give the business extra time to pay its tax;
- set up a payment plan tailored to its situation;
- re-issue tax returns, activity statements and notices of assessment;
- help the business reconstruct lost or damaged tax records;
- prioritise any refunds the business is owed; and
- remit penalties or interest charged during the time the business has been affected.
If your business is in financial difficulty and needs support, please contact our office and we can assist in finding a suitable solution.
Disclaimer
This publication is intended as a general commentary only and does not purport to be comprehensive. It should not be regarded as tax advice and you should not act solely on the information contained herein. Please contact AscendPoint to further discuss about your circumstances or concerns.
ATO support for businesses in difficult times