small business

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(Newbie)Newbie

26 May 2024

I have to close my shop I’m in financial trouble and I’m worried about the tax I owe my mental health has been affected from the stress of all this , I just need help it’s taking over my life , I can’t sleep and I’m just not coping any more I have been in business for nearly 7 years for 6 years I was keeping up and on a payment plan it was ok the last 12 months I just not surviving , I’m on a day to day thing now I don’t know if I’ll make it the next few weeks what do I do how do I pay all this money back to the ato ? I’m so overwhelmed with everything 😢 has anybody felt the same way I feel like I’ve failed and I’ve tried to keep my head above water but I’ve sunk

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TobyJDodd

(Devotee)Registered Tax Professional

26 May 2024

Hi @tinhead30

Sounds like you are going though a lot.

Many business fail and you are not alone.

The ATO deals with this all the time and will work with you. The key is to be proactive and honest in your dealings with them.

You may be able to negotiate a solution with the ATO

If the shop is in your personal name you may wish to speak with a bankruptcy professional about whether bankruptcy is right for you. This is a drastic step but it is a way forward and many people recover from it.

If the shop is held in a company or trust, I recommend you speak with a registered liquidator. They will be able to explain the company liquidation process and what debts you will need to pay and what debts get written off.

Do not be afraid to speak with your GP or local mental health service. They can provide excellent help thoughout this process.

Toby

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Most helpful reply

TobyJDodd

(Devotee)Registered Tax Professional

26 May 2024

Hi @tinhead30

Sounds like you are going though a lot.

Many business fail and you are not alone.

The ATO deals with this all the time and will work with you. The key is to be proactive and honest in your dealings with them.

You may be able to negotiate a solution with the ATO

Do not be afraid to speak with your GP or local mental health service. They can provide excellent help thoughout this process.

Toby

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Biggiesmalls

(Devotee)Devotee

27 May 2024

Like @TobyJDodd said you're definitely not alone in this and lots of small business are struggling at the moment.

You've done the right thing by reaching out for help. I've found the ATO great to deal with when clients have been in similar situaitions as yours. They're empathetic and are supportive especially when you're trying to do the right thing.

I'm sorry that you're going through such a tought time and couldn't agree with Toby more, don't be afraid to reach out and use services available to you

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NateATO

(Community Director)Community Director

27 May 2024

Hi @tinhead30

That's a really tough situation to go through but you're not alone in this, we'll work through it with you. @TobyJDodd has provided some great options for you already.

In terms of your tax payments you can absolutely reach out to us and talk to our lodge and pay team who will walk you through the options that are available to you. Let us know if you have any trouble getting through or need any further support.

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