Strange Days Indeed!

Is this a parallel reality?

If you live in Australia, the past 6 months is quite likely to have been the most bizarre time in living memory. Extreme heat, drought and catastrophic bushfires, followed by massive rainfall and widespread flash flooding. What a summer.

And then, just as we thought we might return to some kind normality (and those severely impacted by the fires started to rebuild lives), we find ourselves in the midst of a pandemic: closing our borders, social distancing and self-isolation.

Even though John Lennon’s meaning comes from a very different time, Strange Days Indeed could not feel more appropriate right now. In fact, it really is most peculiar!

Let’s cut to the chase

Enough philosophising… let’s turn our attention to how Tax Assure can help you (and your clients) at this time.

The federal and state (well, four of them, at the time of writing…) governments have announced – and will continue to announce and update – a variety of mechanisms to support businesses impacted by COVID-19. These mechanisms are, in the main, extremely helpful.

But… (sadly, there’s always a but!)

The ATO’s relief package is NOT automatically applied. Every business must engage with them and demonstrate how and why they are impacted in order to be considered. And past ATO relationship – debt, compliance history etc – will also be relevant in how the ATO considers their next steps with your business.

For state governments, there are eligibility requirements for almost all elements of their relief packages. They need to be applied for; and businesses must show evidence of being impacted.

It’s also important to understand that many of these relief steps are deferrals… so you need to understand what you’re shifting into the future, and to consider how you’ll manage that.

So what now?

Our job is – and always has been – to advise, support and negotiate on behalf of our clients to manage their tax debt. And to reduce that overall debt wherever possible.

In these unprecedented times, this is more important the ever before. And it is the job we will continue to do.

We will engage on your behalf with the ATO to get you all the support you’re entitled to. And by reviewing the full picture of your debt history and your wider business position, we will get you the best of the benefit options available.

We have a direct line into the right people at the ATO to ensure your matter is prioritised. Our depth of tax debt expertise is second to none. It’s all we do!

Looking ahead…

We will be by your side for the journey ahead. Our sole job is to ensure that, from a tax debt perspective, you (or your clients) are in the best possible shape to move forward confidently. And to keep trading successfully into the future.

Call or email us. Let us navigate you through this in the best possible way. We’d love to help.

This article was written by the Team at Tax Assure and first published on their website at www.taxassure.com.au

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This article does not constitute legal advice or a legal opinion on any matter discussed and, accordingly, it should not be relied upon. It should not be regarded as a comprehensive statement of the law and practice in this area. If you require any advice or information, please speak to practicing lawyer in your jurisdiction. No individual who is a member, partner, shareholder or consultant of, in or to any constituent part of Legally Yours Pty Ltd accepts or assumes responsibility, or has any liability, to any person in respect of this article.

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