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Support available to businesses experiencing difficulties

Posted by Team AVS on 11 Jun, 2024  0 Comments

Find out what you can do if you’re struggling to pay your tax bill in full and on time.

Paying your tax bill in full and on time will help you avoid paying the general interest charge (GIC), which is currently 11.34% and accrues daily for any overdue debts. But if your business is dealing with some financial difficulties, there is support available.

Struggling to pay in full or on time?

You may be eligible to set up a payment plan. If you owe $200,000 or less, you may be able to do this yourself using online services. If you can’t, or you owe more than $200,000, contact us or your tax professional to discuss your options. It’s important that you pay any overdue debt as soon as possible.

You may be eligible for a GIC remission

You can ask us to remit your GIC. When we look at your request, we’ll take into account whether you paid your tax bill late because of circumstances that were:

beyond your control and what steps, you took to relieve the effects of those circumstances within your control but led to results that you couldn’t foresee.

You can find out more about requesting a remission of interest charges on our website. This includes instructions on how to download the new GIC remission application form and submit it using secure mail in Online services for business.

Registered tax professionals can also help you with your tax and super obligations.

If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.


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