Businesses have experienced a range of financial difficulties through the past 12-18 months for a variety of reasons apart from COVID-19 and the ATO is aware of the challenges many small businesses are facing as a consequence.
As well as online resources, the ATO has established a dedicated phone line to offer a more customised service. The number is 13 28 66.
The latest episode of the ATO’s Tax inVoice podcast discusses topics such as motor vehicle expenses, concessions, personal services income and business losses. Alexi Boyd, new chief executive of Council of Small Business Organisations Australia, also chats about how small businesses can meet the challenges ahead.
The Australian government’s insolvency reforms for small businesses came into effect in January 2021, which may help if businesses need assistance. Find more information on the Australian Securities and Investments Commission (ASIC) website.
