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  • Help to determine if your business is still viable

    Trading restrictions resulting from social distancing measures may have caused a reduction in customers and sales requiring you to consider the ongoing viability of your business.

    We understand that in these challenging times you may be looking for support to work out if and how you can move forward with your business.

    We offer a range of tools and services to help make it easier for you to get your tax and superannuation right.

    You can also access our business viability assessment tool which considers a range of information that is linked to the financial performance and position of a business.

    Managing business losses

    Small businesses reporting losses over the preceding years may feel an even greater impact given the current economic conditions.

    If your business makes a loss, you can generally carry it forward and claim a deduction for it by offsetting it against other income.

    How you can claim a tax loss and whether you can claim it in the same income year, or a future year will also depend on your business structure.

    Keeping up to date with your tax obligations

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

    Selling or closing your business

    We 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