Talking Cents

Business accountants helping you learn to keep your business afloat

It goes without saying that when natural disasters strike, whether it be a major disaster or one specific to your family and property, your first priority will always be the safety of your family and the protection of your family home, at the height of the crisis nothing else should enter your mind. Worrying about your obligations to the ATO can wait until the worst of the disaster has passed.

Once you get back on your feet the ATO can then assist you in the following areas:- 

· Lodgement extensions for BAS forms, tax returns and any other lodgement requirements.

· Extensions on time to pay any debts you may have with the ATO. These are normally done without interest penalties being levied.

· A volunteer working in natural disaster areas can also receive the same lodgement and payment extensions.

· If your tax agent/accountant is affected don't fret, they’ll receive extra time to get their business back on its feet so you aren’t penalised.

· If you are expecting a tax refund, the ATO can arrange your refund to be given priority status to help you through the crisis.

· One great advantage of the modern electronic age, is that most lost documents can be re-accessed from the ATO database or from banks, employers etc.

· Any unrecoverable documents can be replaced by a genuine estimate which the ATO will generally accept if affected by a natural disaster.

Whilst there are other avenues of assistance from the SES, charitable institutions, Centrelink and miscellaneous disaster relief appeals it’s nice to know that the ATO will also provide assistance where they can to make your return to a normal life as stress free as possible. They’ll even come to you to assist in reconstructing your tax records. Dealing with a reputable income tax agent who has experience in communicating with the ATO will also make the process much easier and take some of the requirements of your plate.

For more information on this matter contact us, your small business accountants in Sydney.