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Extension in minimum drawdown rates
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Hardship priority processing of tax refunds

If your business is experiencing financial difficulties from the many lockdowns, the Australian Taxation Office (ATO) may be able to help by processing the tax return faster, if you are due a refund. 



Priority processing of a business tax return doesn’t guarantee a refund e.g. there are outstanding tax or similar debts.  However, the credit from a return may be used to pay down those debts and take collection pressure off.


 


You can apply for ATO priority processing through your tax professional.  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 returns or amendments at the same time, and those that have unresolved tax debts.


 


Before lodging any priority processing request, check the progress of your return by contacting us.  If the return is already 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.


 


 


 


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24th-November-2021
 
CPA logo Peter I Price & Associates Pty Ltd
Phone: (07) 3376 3411| Email: info@peterprice.com.au
15 Loffs Road, Mt Ommaney QLD 4074
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