Payment plan or deferral

If, before permanently closing your business, you were on a payment plan for your tax liabilities or had arranged for the deferral of some or all of your tax liabilities while you were having difficulties, contact the ATO to discuss your changed circumstances. By contacting them, they will be able to provide more personalised and often additional support based on your individual circumstances.

Settle amounts owing

When you close your business, you need to settle any outstanding amounts owed to the ATO. This includes liabilities resulting from your final income tax return or activity statement lodgment. You can make payments to the ATO in a number of ways. However, the ATO understands that occasionally it may not be possible to pay on time, some of you may be closing your business because of financial difficulties. So please contact the ATO as soon as you can to discuss your circumstances.

Request refunds if appropriate

When you have submitted all final lodgments, paid your obligations and these are processed, your ATO accounts should be finalised. Then you will be able to check whether your accounts are in credit and if there are refunds owing to you.

If you’re entitled to refunds, they will generally issue once your lodgments have been finalised. However, check in ATO Online services or ask your tax agent to make sure you have received all your refunds.

It’s a good idea to check your financial institution details are up-to-date. If they’re not, refunds won’t issue correctly.