How can TAP Turnaround Professionals help me with my tax problem?
TAP can help you to resolve your tax problems by: (1) negotiating with the ATO on your behalf, (2) transacting a reduction in your tax debt, (3) helping you to implement a tax payment plan, and (4) arranging for tax debt finance. We may even be able to assist you in negotiating a release or reduction in your tax liabilities in a case where you may be undergoing serious hardship (see below). Please note however that we do not offer “professional” legal, financial and/or accountancy advice; in appropriate circumstances we may refer you to one or more trusted Third Party professional/s.
Is it possible for the ATO to release me from my tax debt?
The ATO is allowed release you from a tax liability in certain circumstances, for example if you are experiencing “serious hardship” and payment of your tax debt would leave you unable to provide the necessities of life for yourself, your family, or others for whom you are responsible; including accommodation, food, clothing, medical treatment, education and so on.
Will the ATO allow remissions of penalties and interest?
The ATO may allow a remission of penalties and interest in certain circumstances, such as: (1) when factors beyond your control have caused the delay in lodgement or payment, such as ill health, industrial action, or the unforeseen collapse of a major customer; (2) whether having made sound decisions you have encountered unforeseen circumstances; or (3) whether it would be fair and reasonable to allow a remission.
What information does the ATO need if I wish to apply for a remission?
In applying for a remission of your ATO penalties and interest, you need to explain: (1) why your tax debt has accumulated, and (2) what steps you are taking to make the late payment. If you are applying for remission of a penalty; (1) why you were late with income tax or BAS returns, and (2) what steps you are taking to correct any late lodgement/s.
What ATO penalties cannot be remitted?
The ATO will not remit penalties that relate to either a tax shortfall, or to penalties that have been applied for making a false or misleading statement in a tax return, BAS, superannuation statement or fuel scheme claim. If you feel you have a case to avoid paying such penalties you will need to lodge an objection, which is different from applying for a remission (see below).
What happens when the ATO makes a decision I don’t agree with?
You may consider lodging an objection when, for example, the ATO has assessed you to pay more tax than you believe you owe. This is likely to result in the issue being internally re-examined by someone within the ATO, who was not involved in the original decision process. You should seek advice as early as possible after receiving a decision you don’t agree with, because there may only be a short time frame in which to lodge an objection.
What kinds of ATO decisions may be objected to?
You can object to a range ATO decisions, including for example an income tax assessment, a fringe benefits tax assessment, a private ruling decision or the charge of a shortfall penalty. You cannot object to a general interest charge (GIC), although you may ask for this to be remitted, and neither may you object to a decision not to remit a GIC.
Can I appeal if my ATO objection fails?
If the ATO does not allow your objection, or makes another decision that you can legally appeal, then you may choose whether to appeal either to the Administrative Appeals Tribunal (AAT), or the Federal Court. The choice involves different factors, and in such a circumstance we would likely refer you to a trusted professional associate, while also encouraging you to weigh the potential risks and cost benefit implications.