Disaster relief for business owners - how your BAS agent can help you!
Tasmania has been battered by bush fires and floods this year, and many business owners are suffering. If you have lost financial records, or need an extension on a BAS lodgement or tax return, contact your BAS agent or tax agent. They will be able to liase with the ATO on your behalf and can help with the following:
allowing lodgment deferrals of activity statements or tax returns without penalty
allowing additional time to pay tax debts without incurring general interest charges (GIC)
making arrangements for payment of tax debts by instalments
remitting penalties that were automatically imposed during the disaster
refunding amounts credited to existing debts when the client has entered into a deferral to pay or an arrangement to pay their tax debts
conducting field visits to help with reconstructing tax records and making reasonable estimates.
If you are an employer and have had to stand down employees during the disaster, Fairwork has provided some guidance here: https://www.fairwork.gov.au/pay/pay-during-stand-down-and-severe-weather
Apart from helping with ATO concerns, your BAS agent may also be able to help with MYOB/Reckon data recovery (or reconstruction) and provide other guidance and assistance to help your business recover.
CPA Australia has also published a "Disaster Recovery Toolkit" which contains checklists and templates to assist in the disaster recovery process for your business as well as further references that can be reviewed if required. This valuable resource can be downloaded here: http://www.cpaaustralia.com.au/professional-resources/business-management/business-recovery/disaster-recovery-toolkit
So, if you are in a bit of pickle, contact your BAS agent today!
Best of luck :)