Support available for businesses experiencing difficulties
Liz Gibbs • June 23, 2024

Support available for businesses experiencing difficulties

By paying their tax bill in full and on time, taxpayers can avoid paying the general interest charge ('GIC'), which is currently 11.34%, and which accrues daily for any overdue debts.


The ATO advises taxpayers that, if their business is dealing with financial difficulties, there are some options to help make their tax bill "less taxing".


Taxpayers who are struggling to pay in full or on time may be eligible to set up a payment plan. If they owe $200,000 or less, they may be able to do this themselves using online services. If they cannot do so, or they owe more than $200,000, they can contact the ATO to discuss their options.


Taxpayers can ask the ATO to remit their GIC. The ATO will then consider whether the tax bill was paid late because of circumstances that were:

  • beyond the taxpayer's control, and what steps the taxpayer took to relieve the effects of those circumstances; or
  • within the taxpayer's control, but led to results that the taxpayer could not foresee.


If you need assistance in relation to paying your tax bill, please contact our office.


Need Help with your Business, Bookkeeping, Tax or SMSF requirements?

If you would like a little help, please get in touch with us for assistance. We can help with your business, bookkeeping, tax and SMSF requirements.


Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.

Work fewer hours while boosting your bottom line
By Liz Gibbs October 27, 2025
We all know the feeling: days packed with effort, only to realise we’ve spun our wheels more than moved the needle. The key to shifting from busyness ?
planning
By Liz Gibbs October 24, 2025
If you’re anything like the rest of us, you probably start each week with the best of intentions, only for your to-do list to mushroom out of control by Wednesday. Planning and feeling overwhelmed can, unfortunately, go hand in hand.
Unlocking Revenue Growth
By Liz Gibbs October 23, 2025
Is your calendar bursting at the seams, yet your profits aren’t keeping pace? It’s a common dilemma. True growth happens when you sharpen your focus.
More Posts