Are you worried about calculating payable tax? Are you a small business owner who is naive about Australian taxes? If your business or company is facing financial difficulties and can not pay your tax or super on time, tax support is available to guide you at every step of the way. Whatsoever be your queries or complexities, getting it handled by a registered tax accountant can save you both hassles and dollars on tax audits.

Some financial difficulties that are acknowledged by the ATO and can occur from many situations include:

• Company or small business closure
• Disconnection of an essential service, such as electricity
• Repossession of a vehicle that is used for business purposes
• Pending legal action for non-payment of debts
• Period of review limitations
• Court orders
• Settlements
• Other necessities for the business or people you are responsible for.

The Australian Taxation Office can provide the following assistance depending on your circumstances:

• Give you some extra time to lodge or pay your tax
• Set up a payment plan tailored for your situation
• Remit penalties or interest drawn
• Process your tax return as a priority
• Prevent any tax refund you may be due to receive
• Defer your tax lodgment and payment due dates

To help you deal with your tax situation, ATO may ask for evidence that suggests your business is facing financial difficulty.

Priority Processing Of Tax Returns

In some cases, small businesses dealing with financial issues are eligible for scheduling priority processing of their tax returns. Priority processing of tax returns can be applied through a tax professional or by sending a fax to the taxation office.

What To Do If The Funds Are Frozen?

If you are a business owner who can not meet their tax payments and obligations due to freezing of income or non-bank funds, there is an option of paying your tax via instalments. Also, in exceptional cases, you may be eligible for a payment deferral.

To assist individuals and business owners having frozen accounts and facing financial hardship, the Australian Securities & Investment Commission (ASIC) is there to help.

For any financial advice, you can contact our tax practitioners at KPG Taxation. Contact us to know more.