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News · Posted 16.03.2020

COVID-19

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By now we are all well aware of the coronavirus (COVID-19) and the impact this will have on our daily operations.

Our client's and staff's wellbeing is our number one priority right now, therefore, for the time being, our office will no longer be making one-on-one client contact meetings. We are more than happy to continue to have appointments via telephone, Zoom or Skype.

Our office will remain open as usual for the time being.

On 12 March 2020, the government announced a package of measures to help the economy withstand and recover from the economic impact of coronavirus.

The government intends to introduce legislation in late March 2020 to implement its Economic Response to Coronavirus.

  • Enhancing the instant asset write-off
  • Backing business incentive
  • Boosting cash flow for Employers

Click here to read more about the cashflow assistance that the government will be providing to employers.

The ATO understands this is a time of significant uncertainty and that they will need to be flexible in how they help businesses.

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

  • Deferring by up to four months the payment date of amounts due through the business activity statement (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise
  • Allow 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.

However, these concessions will not be automatically applied to assist taxpayers. The ATO requires to be contacted in order to request assistance so please do not hesitate to contact our office to discuss your options.

Further readings on COVID-19:

https://www.ato.gov.au/Media-centre/Media-releases/Support-measures-to-assist-those-affected-by-COVID-19/

https://www.ato.gov.au/General/New-legislation/The-Australian-Government-s-Economic-Response-to-Coronavirus/

https://www.ato.gov.au/Individuals/Dealing-with-disasters/In-detail/Specific-disasters/COVID-19/

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