2020 has seen Australia suffer under the weight of devastating bushfires, disastrous floods and the social and economic collapse caused by the Coronavirus. With the economic climate looking bleak for the foreseeable future, businesses are struggling to keep afloat.
In an attempt to provide relief, the Australian Government offered a series of administrative measures to assist businesses suffering financial difficulty due to COVID-19. Among these measures comes support from the Australian Taxation Office (ATO).
Financial support options available from the ATO:
- Deferring payments by up to 4 months
- Quicker access to GST refunds for businesses on a quarterly reporting cycle by allowing them to opt in to monthly GST reporting
- 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
- Helping affected businesses to pay their existing and ongoing tax liabilities by allowing them to enter into low interest payment plans
These support measures will not be automatically implemented.
The ATO has advised that any businesses impacted by COVID-19 should contact them directly through their emergency support infoline on 1800 806 218 to request assistance.
For further information on support measures offered by the ATO, click here.