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  • Help to take the next steps

    Government imposed restrictions and social distancing measures may have caused a reduction or cessation of customers, requiring businesses to temporarily close and/or adapt to a different way of operating.

    Temporary closure or limiting of operations

    Some small businesses have been unable to continue operating due to the types of services they provide, such as indoor recreation centres. Other small businesses have adopted alternative ways to continue operating on a smaller scale, such as providing services via online classes.

    If your business has had to temporarily close or change how it operates you may want to check the income you need to report and the deductions you can claim.

    If your business has experienced a loss for the first time or over multiple periods it is important that you understand how these losses can be reported and managed.

    Selling or replacing equipment

    If you have needed to close your business for a period of time and you have taken the opportunity to sell or replace equipment or renovate your business premises, you may be able to claim a deduction. You may also be able to access government concessions such as instant asset write-off. See business tax deductions and general depreciation rules – capital allowances for more information.

    Keeping up to date and payment options

    Making sure your tax obligations are up to date is an important step towards the recovery of your business, this includes lodging your income tax return and business activity statements to enable you to claim all deductions available to you.

    If you find that you are having difficulties with payment there may be payment options available to you. In certain circumstances, you may be able to apply for a deferral of lodgment or payment.

    Selling or closing your business

    We also understand in some circumstances more vulnerable small businesses may have to make the difficult decision on whether to continue trading.

    We have information available to help you sell or close your business.

      Last modified: 15 Apr 2021QC 63376