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
- remit penalties or interest charged during the time the business has been affected.
We are here to help. If your business is in financial difficulty and needs support, please contact our team and we can assist in finding a suitable solution. Phone 03 9708 8801 or email info@rvpartners.com.au
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. The information contained within this document is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Robinson Voss Partners (RV Partners) strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.
