ATO offers help whatever your situation
This tax time will be extremely stressful as businesses try to weave their way through the torrent of financial implications COVID-19 has had on business and the economy, amongst other reasons.
What we can be certain of is help is available. There are resources at hand as well as an array of business support services that can be found on the ATO https://www.ato.gov.au/General/Tax-and-small-business/Tips-for-small-business-owners/#Seekadviceandsupportwhenyouneedit. The best way to avoid late fees and fines is to contact the ATO as soon as possible. This will allow them to make appropriate adjustments in order to accommodate for the foreseeable future of your business. You can talk to them directly on 13 28 66 – no matter what situation you may be in.
ATO Tax inVoice podcast
And if you didn’t already know, the ATO runs a Tax inVoice podcast, available here https://www.ato.gov.au/media-centre/video-and-audio-files/ato-podcast—tax-invoice/ The latest episode offers help in taxing times for small businesses, covering topics such as motor vehicle expenses, concessions, personal services income, and business losses. Also available on these platforms:
- Apple Podcast: https://podcasts.apple.com/au/podcast/tax-invoice/id1351241584
- Stitcher: https://www.stitcher.com/show/tax-invoice
- Spotify: https://open.spotify.com/show/7f6YYwnh3sHvP0xsxu7bfz?si=VRSGEnAYRoqnfdQaI4nejw&nd=1
2021 COVID-19 Business Support Grants
The 2021 COVID-19 Business Support Grants are still open for applications. Be sure to check your eligibility which is based on the payroll size of your eligible business in Queensland. Click here for further details https://www.business.qld.gov.au/starting-business/advice-support/grants/covid19-support-grants. Applications close on 16th November for employing businesses and 30 November for non-employing sole traders.