Coronavirus (COVID-19) is having a serious short-term impact on the Australian economy. The longer-term impacts remain unknown.
The spread of Coronavirus has impacted the world drastically, causing health issues, travel interruptions and world economic issues. The full extent of these damages are yet to be realised and only time will tell.
Businesses with tax debts need to be aware that the ATO will now be able to disclose tax debts to credit rating agencies, which could potentially affect the ability of the business to obtain finance or refinancing and existing debt.
Many businesses close during December and/or January for a well deserved Christmas break. If you are Single Touch Payroll (STP) reporting, you may still need to lodge payroll information despite your closure. Some workarounds are within.
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