Hardship priority processing of tax returns

 

If your business is experiencing financial difficulties due to the latest lockdowns, the Australian Taxation Office (ATO) may be able to help by processing your tax return faster and expediting the release of any refund to you.

 

   

Priority processing of a business tax return doesn’t guarantee a refund.  If your business has outstanding tax or other debts with Australian government agencies, the credit from a return may be used to pay down those debts first.

You can apply for ATO priority processing through your tax professional after the lodgement of the tax return in question.  Once the initial request for priority processing is received, you’ll be notified and contacted if more information is required.  Processing will take more time for businesses that have lodged several years’ worth of income tax return amendments at the same time, and for those that have unresolved tax debts.

Before lodging any priority processing request, check the progress of your return by contacting your tax professional.  If the return is in the final stages of processing, you may not need to lodge a priority processing request - the return will be finalised before the ATO has an opportunity to consider the request.

 

 

 

AcctWeb

Have a Question?

Contact us to book your initial free no-obligation consultation with our expert advisors.

Your privacy is important to us and Charter Financial Planning, which is part of AMP. You may request access to your personal information at any time by calling us on (03) 9429 2001 or contacting AMP on 1300 157 173. Information collected will be subject to AMP's Privacy Policy. You can also contact us or AMP if you do not wish to receive information about products, services or offers available from us or AMP from time to time.