A reminder has been released from the Australian Taxation Office to advise that there is help available for those who are currently not up to date with their payment and lodgment obligations.
As we’ve now entered 2022, it is a good time to check with your accountant if you are up to date with your payment and lodgement requirements. If you are unsure or are concerned, please know that there is help available.
The following information may help to assess your current position. The ATO stated that it is important that you get all lodgments up to date and pay what you can. If you are unable to pay in full, there are payment options available to you.
If you owe $100,000 or less, your accountant can assist you with setting up or adjusting payment plans on your behalf.
You can also set up or adjust an existing payment plan yourself by using the ATO’s online services; or by phoning the automated service; 13 28 65 (for individuals) or 13 72 26 (for businesses) if you are unable to get online to set up a payment plan.
For those who owe over $100,000, the ATO advised that they will need to discuss the options directly with you. If you are in this situation, please contact them on 13 11 42 during operating hours.
Please be aware that it is important for you understand that there are consequences for not lodging or paying on time. Penalties may be applied if you fail to do so, so it’s vital to have a chat with the ATO.
With the ATO’s lodge and pay engagement and enforcement actions starting back up, you need to know about the potential penalties that you may find on your tax bill if choose not to engage with them.
If you need to discuss this issue further, please feel free to contact our friendly team on: (03) 8393 1000.