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.
* 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.