The taxation office has a range of support available for small businesses or individuals experiencing difficult times caused by natural disasters, financial hardship, family and domestic violence or mental health challenges.
This help could be in the form of extensions to pay your tax or to lodge forms. They can set up a payment plan to pay outstanding taxes over a period of time. If you have lost or damaged tax records due to a natural disaster they can assist you reconstruct these documents. Depending on the circumstances they can remit any penalties or interest changed on late payments.
If you are in financial difficulty, you may be able to get early access to a refund from an activity statement or tax return with priority processing. You could also be eligible to apply for early access to your superannuation funds on compassionate grounds. This includes if you are in severe financial hardship, need the money to cover the cost of medical treatment, you have a terminal illness, have experienced the loss of a dependant or loved one, permanent incapacity or you are unable to work temporarily.
For people with disabilities, they offer video guides and easier to read guides, some of which are in languages other than English. The online tax lodgement product myTax is compatible with screen-reader software and can be used on any electronic device.
They also offer free, independent and confidential advice via their Small Business Debt Helpline. Just phone 1800 413 828 Monday to Friday during business hours or visit their website at svdh.org.au. This covers areas such as finding and applying for government grants, what help is available if you are affected by a disaster, how to cope with your loan repayments or paying your bills on time, issues you may have with commercial leases or how to close your business and deal with bankruptcy.
We often joke about the comment "Hi, I am from the tax office and I am here to help", but they seriously do want to help, just call them.
- Helen Warnock is a partner in a Central Qld Chartered Accountant firm. This article offers general information only. You should consult your personal adviser to seek advice relevant to your personal circumstances before taking action.
