Fuel costs and supply disruptions putting pressure on your business? New ATO relief options may help.

The Federal Government has announced temporary tax relief for businesses affected by fuel supply issues, with the ATO to provide support where appropriate. According to Treasury, this may include:

• more generous payment plans

• possible remission of interest and penalties

• support to vary PAYG instalments where taxable income has dropped

• in some cases, limited compliance action or a pause on certain debt collection activity. 

Treasury also says the ATO will establish a dedicated channel for businesses to access these relief measures, either directly or through their registered tax professional. 

Where a payment plan is suitable, the ATO says eligible taxpayers may be able to repay tax debt in weekly, fortnightly or monthly instalments. It is important to remember that future obligations still need to be paid on time, and the longer the repayment period, the more interest may apply. 

If rising fuel costs are affecting your cash flow, now is the time to review your position and understand what support options may be available.

Astute Business Consultants can help you assess your obligations, cash flow position, and next practical steps.

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