Negotiating for the Better: How the ATO Can Help Amid COVID-19
As an Australian business that constantly aims to learn how the country’s systems work while staying on the path to success, you’re most likely well-acquainted with the Australian Taxation Office (ATO).
Whether you’ve been doing business for a few months or a few decades, there’s no doubt that you’ve had positive and negative experiences with the Australian Taxation Office. From time-crunching reports and packed deadlines to occasional hurdles here and there, it is impossible for a business to not interact with the ATO multiple times a year.
In times like these, where the economic climate is rough and businesses are taking a severe hit to their financial structures, the ATO serves as both a pressuring force and potential beacon of hope. Unfortunately, the heightened risk of inconsistent cash flows and additional COVID-19 restrictions have made way for an even tougher time for businesses because of surmounting debts.
However, this is also a time where the ATO can be of great service (provided that you come prepared with the right knowledge in mind).
A silver lining
Based on the latest updates by the government entity, the most prevalent development that Australian businesses can watch out for is an easier experience with handling their payables.
At this moment, businesses that are currently facing cash flow challenges can now negotiate with the ATO so that they can easily manage their financial matters. Thankfully, this specific development is helpful because of how it can help any company in an unprecedented economic crisis with their cash flow management matters.
The value of proper negotiation
When you learn how to negotiate properly with the office for your cash flow management matters, it becomes easier to recuperate the losses that you experienced over the past year.
In times like these, where creditors are working double-time to compensate for the impact that their collecting efforts took in the past few months, you may find yourself in difficult situations. Drastic measures like credit term shortening and upfront payment implementations are all bound to end up on your plate, especially when it comes to tax matters.
Although there are a handful of matters to worry about as you compile your payments to the ATO, times like these offer a glimmer of hope wherein the ATO is willing to compromise. By negotiating in good faith to help lighten your load, you can save a significant amount on a large portion of your regular outgoings and easily take care of outstanding debts when you need help the most!
How do you negotiate?
Negotiating with the Australian Taxation Office to lighten your tax load and defer your payments for a specific time is all about explaining why your business can’t make the payment. However, it’s worth noting that getting the right outcome can be quite complicated because of all the different details and difficulties involved. Thankfully, enlisting the services of New Wave Accounting’s experts will make it much easier to go about the process in a more productive manner!
In times like these, where business is difficult, and cash flows are thin, it is essential for your business to do everything it can to save on costs while getting by. One such measure that will prove to be especially useful is learning to negotiate with the Australian Taxation Office so that you can lighten the load of your tax payables! If you're looking for a small business accountant in the Gold coast that can help with your business activity statement preparation and lodging-related needs, our team of experts are here for you. Get in touch with us today to learn more about how we can keep you on top of your financial requirements to minimise taxes and maximise profits!