The ATO’s recently announced compliance program not only outlines compliance risks, but provides assistance to small businesses, says the National Institute of Accountants (NIA).
The compliance program for the coming twelve months outlines how the ATO will encourage high levels of compliance with Australia’s tax and superannuation laws and details areas of risk to compliance.
NIA chief executive officer Andrew Conway said that although the compliance program outlines how the ATO would promote a level playing field, it also sought to support people in financial distress.
“Contrary to the belief of many small businesses, the ATO is willing to discuss options to ensure that viable businesses have the best chance of survival.”
“Small businesses suffering financial distress should discuss with the ATO their options which might include; assistance with record keeping practices, personalised lodgement and payment arrangements and in the case of genuine hardship they will consider waiving interest or debts all-together,” he added.
The ATO will also help businesses stay on track through their tax seminars and workshops, business assistance visits and phone calls to new and existing small businesses at key times of their business cycle.
Small business can find out what assistance is available to them by contacting their NIA accountant or the ATO directly.
