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Tax relief for Business

The ATO has released guidance to help your business in providing additional cash flow relief because of the COVID-19 pandemic.

 

The measures include:

  • deferral of tax payments for 6 months (income tax, BAS, FBT)
  • for business affected by Covid-19 the ATO will consider removal or reversal of any tax interest or penalties that occurred after 23 January 2020
  • low interest payment plans
  • removal of obligation to pay PAYG instalment for March quarter (by varying the March quarter IAS)
  • refund of prior PAYG instalments from September to December if you varied your March quarter IAS and the annual tax less the previously notified, and
  • fast-tracking GST refunds to a monthly cycle.

To be eligible for these relief measures, you need to clearly show the ATO how your business is being affected by COVID-19. Things such as income statements and current analysis of bank statements may be necessary.

If you require assistance in these ways, or have any other queries, do feel free to contact us.