The Australian Taxation Office (ATO) has implemented a series of administrative measures to assist Businesses in dealing with financial difficulty as a result of the COVID-19 outbreak.
Options available to assist businesses impacted by COVID-19 include:
- Deferring by up to four months the payment date of amounts due through the business activity statement (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise.
- Allow businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get quicker access to GST refunds they may be entitled to.
- Allowing businesses to vary Pay As You Go (PAYG) instalment amounts to zero for the March 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.
- Working with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low interest payment plans.
Employers will still need to meet their ongoing super guarantee obligations for their employees.
NOTE: Important ATO assistance disclaimer: –
- assistance measures for those impacted by COVID-19 will not be automatically implemented.
- Anyone impacted by COVID-19 is advised to contact the ATO to request assistance.
Dedicated Large Business Phone Service
The ATO has established a large business service for ease of access to officers experienced in dealing with large business account enquiries about debt and lodgement obligations. This covers both income tax and GST. Contact is via 1300 728 060.
For further information, please contact Noé Vicca at firstname.lastname@example.org
Date of Issue: 17 March 2020 Author: Noé Vicca
Disclaimer: The contents herein are intended for general information only and should not be construed as legal or accounting advice. Vicca Chartered Accountants Brisbane bears no responsibility for any loss that might occur from reliance on information contained in this publication. Please do not reproduce, transmit or distribute the contents herein in any form without prior permission from Vicca Chartered Accountants, Taxation Accountants Brisbane Australia.