Tax Office rolls out help over coronavirus

Paul Osborne

TAX OFFICE SUPPORT FOR THOSE AFFECTED BY COVID-19

* The ATO says it can tailor support plans to suit various needs

OPTIONS FOR BUSINESS

* Deferring by up to four months the payment 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 to get quicker access to GST refunds they may be entitled to

* Allowing businesses to vary PAYG instalment amounts to zero for the April 2020 quarter, and claim a refund for instalments made for the September 2019 and December 2019 quarters

* Remitting interest and penalties incurred on or after January 23 that have been applied to tax liabilities

* Low-interest payment plans.

OTHER SERVICES

* A temporary shopfront with staff specialising in assisting small business will be established in Cairns in the next few weeks

* Other areas badly impacted by the virus could see similar services set up.

* Individuals facing financial hardship and their tax agents can also get tax relief measures.