We can provide some tax relief and help you manage your business tax during an adverse or emergency event.
Unable to file or pay your tax on time
We understand you may be unable to file or pay your tax on time and we have several ways to help you through this.
Unable to file or pay your tax on time in an adverse or emergency event
Lost or damaged business records
We will not penalise you for incomplete or missing records if you’ve made a reasonable attempt to reconstruct them, in a reasonable timeframe. See this page for ways to retrieve or reconstruct records.
Lost, destroyed or damaged records
Small Business Cashflow Scheme
If you have repayments for your Small Business Cashflow loan that you will not be able to meet because of an adverse event, you will need to contact us about your repayment schedule.
Repaying the Small Business Cashflow Scheme (SBCS) loan
Provisional tax
If you think your annual income is going to drop because of an adverse event, you can choose to estimate your provisional tax for the year. This will reduce the provisional tax you have to pay. You may even get back some of the provisional tax you’ve already paid.
Money borrowed to keep a business going
As long as the borrowed money is used for business purposes, the interest is tax deductible.
Tax on grants and relief payments for businesses
During an adverse or emergency event, a range of grants or subsidies may be available to businesses affected by the event.
How we tax these payments depends on where they came from and the purpose of the grant. There are differences between grants from central and local authorities, and grants from non-government sources.
For more information on the different types of grants and subsidies and how they are taxed, go to this page.
Insurance payouts
If you received an insurance payout for loss of income or profits, you may need to account for tax.
If you're registered for GST (or required to be registered), and receive a payout relating to your taxable activity, then you will usually need to account for GST on the payout.