Australian Taxation Office (ATO) concessions
The ATO has also announced a series of administrative concessions for taxpayers impacted by the coronavirus. In summary, the measures to assist businesses impacted include:
Deferring by up to four months the payment of tax amounts due through the BAS (including PAYG instalments), income tax assessments, FBT assessments and excise;
Allowing businesses on a quarterly reporting cycle to opt into monthly GST reporting to get quicker access to any GST refunds;
Allowing businesses to vary PAYG instalment amounts to zero for the April 2020 quarter. Businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quarters;
Remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities; and
Allowing affected businesses to enter into low-interest payment plans for their existing and ongoing tax liabilities.
Businesses are required to contact the ATO on its 1800 806 218 Emergency Support Infoline to discuss their situation.
For more information, email firstname.lastname@example.org
The information presented is general in nature and not to be used, relied or acted upon without seeking professional advice to ensure that the information appropriate for your individual circumstances. National Taxation accepts no liability for any errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice. www.nationaltaxation.com.au. ABN 63 665 545 130