Support Available for Businesses Experiencing Difficulties
If your business is confronting financial difficulties and unable to meet tax deadlines, the Australian Taxation Office (ATO) offers support which could help your business get back on track.
The importance of paying tax promptly
Paying your tax bill in full and on time is important to avoid the General Inerest Charge (CIG), currently set at 11.34% and accruing daily on any overdue amounts.
However despite best efforts, businesses may find themselves facing unwelcome and unforeseen circumstances such as cash flow shortages, economic downturns or unexpected expenses and as a result accumulate interest charges on overdue tax payments.
If your business is experiencing any of these difficulties, it might be time to seek assistance.
How the ATO can support your business
- Payment plan
Businesses may be eligible to set up a payment if they owe $200,000 or under, and they can potentially handle this independently through online services. However if this isn’t feasible or if more than $200,000 is owed, contact the ATO to discuss your options.
- General Interest Charge (GIC) remission
Businesses have the option to request the ATO to waive their GIC. The ATO will review whether the delay in tax payment was beyond the the taxpayer’s control, assessing the measures taken by the taxpayer to mitigate the impact of these circumstances or whether the delay was within the taxpayer’s control but resulted in unforeseeable outcomes.
If your business is struggling to meet tax payment deadlines, it’s essential to know that support is available. Make your tax bill ‘less taxing’ and reach out to Simmons Livingstone for support today, on 07 5561 8800.
If you have any questions or require more information on the type of support available for your business, contact Simmons Livingstone at 1800 618 800 or via email at admin@simmonslivingstone.com.au.