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.

New ATO Rules for Holiday Rental Homes
By Liz Gibbs September 11, 2026
From 1 July 2026, the ATO expects holiday rentals to be primarily used to generate income before expenses are deductible. Learn what's changing and how to protect your claims.
Working Harder Than Ever, But Still Not Getting Ahead? You're Not Alone.
By Liz Gibbs September 11, 2026
Feeling stretched and stuck despite the hours you put in? Here's why cashflow stress, long hours, and no systems keep showing up together.
Have You Checked for Your Lost Super?
By Liz Gibbs September 10, 2026
Over $21 billion in super is lost or unclaimed in Australia. Learn why it happens and how to check if you're owed money — RGA can help you track it down.
More Posts