Tax and super info on COVID-19 stimulus measures
in

Find all the tax and super info on COVID-19 stimulus measures on new ATO hub

The Australian Taxation Office (ATO) has updated its website with essential information about tax and superannuation changes that have now become law following the passage of the Government’s Economic Support Package through the Parliament.

The key tax and super information on COVID-19 stimulus measures can be accessed at: ato.gov.au/coronavirus

The ATO’s Coronavirus page provides easy-to-understand and detailed information about what people need to know or do in order to get access to the tax or superannuation measures as announced by the Government as part of its economic response to COVID-19.

Measures include:

  • giving individuals early access to their superannuation
  • providing cash flow assistance for employers
  • increasing the instant asset write-off, making more businesses eligible
  • backing business investment by accelerating depreciation deductions.

Commissioner of Taxation Chris Jordan said “Each of the measures have different timings, eligibility, and processes. Some will be applied automatically and others will require an application, so I recommend heading to ato.gov.au/coronavirus to understand what is possible.”

Mr Jordan also reminded the community of other options available to assist businesses impacted by COVID-19 in addition to the new measures announced by the Government.

“In these difficult and uncertain times, the ATO is doing everything it can to reduce stress from tax and super related obligations,” Mr Jordan said.

Options available to assist businesses impacted by COVID-19 include:

  • Deferring by up to six months the payment date of amounts due through the business activity statement (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise.
  • Allowing 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.
  • Businesses wanting to utilise any of these options can contact us over the coming weeks. It is not necessary for businesses to contact us immediately.
  • Employers will still need to meet their ongoing super guarantee obligations for their employees.

Outside of business, the ATO will also work with individuals experiencing financial hardship, and their tax agents, and will apply appropriate tax relief measures for serious and exceptional circumstances, such as where people cannot pay for food or accommodation.

If you are impacted by COVID-19 and need immediate assistance call the ATO’s Emergency Support Infoline on 1800 806 218. 

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0
Australia-Post-head-office.

Business as usual for Australia Post during COVID-19 restrictions

RunMags CRM lets magazine publishers work anywhere

RunMags CRM offering free service for new customers