ATO Supporting Businesses
The ATO have committed to helping businesses during this difficult time stating “Once you contact us, we’ll tailor a support plan for your needs and circumstances.”
Businesses can request that their accountants or BAS Agents can deal with the ATO on their behalf.
Options Available To Businesses
- Up to 6 month deferrals on Payments – you will still be required to submit BAS and IAS by their due dates.
- Converting from quarterly BAS to monthly BAS to receive GST refunds quicker – you will be required to report and pay monthly for at least 12 months
- PAYG Instalments (Income Tax) can be varied to NIL – Please discuss this option with your accountant.
- Remission of penalties and interest imposed since 23 January – Your accountant or BAS Agent can request remission of all interest charges from that date.
- Low Interest Payment Plans on outstanding ATO debt