Build your financial security with OBT Financial Group – Lockyer Valley Business of the Year recipients and specialist financial advisers to individuals, business owners and farming families on accounting, tax, business advice and wealth planning for over 40 years.If you are affected by drought, there is help available.
The Australian Tax Office (ATO) is working with the Department of Agriculture and Water Resources, local, state and other federal government agencies to offer help and support to Australians who are experiencing hardship as a result of drought and to support them to prepare for future drought conditions.
ATO can look at your individual circumstances and work with you to address any difficulties you are having in managing your tax.
Greater flexibility to meet your obligations
ATO can assist if you have been affected by drought by:
- giving you additional time to pay
- waiving any penalties or interest we have charged during the time you have been affected by drought
- offering a payment plan that suits your circumstances, including interest-free periods
- showing you how to change your pay as you go (PAYG) instalments to better suit your circumstances.
Remember to lodge by the due date even if you can’t pay. If you are experiencing financial hardship, such as difficulty meeting the basic costs of living, ATO can prioritise your income tax and activity statement refunds or not use your refund to offset other government debts.
In special circumstances, the Commissioner of Taxation can release individuals from payment of some taxes where it is shown that payment would cause serious hardship.
With OBT and ATO working together, we’re committed to looking at your circumstances and providing you with a tailored solution. Read more at Drought Assistance or call OBT’s friendly team in Gatton on 5462 2277.
Source ATO
