Finding it Hard to Meet Your Tax Obligations?

The Commonwealth penalty unit amount increased to $313 on 1 July for infringements occurring on or after that date. Failure to meet a tax obligation, such as not lodging on time, may result in a penalty.

The ATO understands there may be occasions when businesses experience financial difficulties and can’t pay on time. Even if you can’t pay, it’s still important to lodge on time.

Whatever your situation, talk to the ATO early so they can work with you to find a solution. The ATO want to understand your circumstances so we can provide the right advice and support when you need it most.

For more information and support, see the ATO’s website.

Your tax professional or BAS agent can provide you with tailored advice.

Source: ATO