Hardship priority processing of tax returns (August 2021 Client Alert)

| Accounting

If your business is experiencing financial difficulties due to the latest lockdowns, the ATO may be able to help by processing your tax return faster and expediting the release of any refund to you. To be eligible for priority processing, you’ll need to apply to the ATO and provide supporting documents (within four weeks of your submission) outlining your circumstances. “Financial difficulty” may include many situations such as disconnection of an essential service, pending legal action or repossession of a business vehicle.

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.

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

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