Mar 16, 2020 / News

COVID-19 / Taxation

ATO’s administrative concessions for businesses affected by coronavirus

Following the government’s economic stimulus package released last week, the ATO has announced a series of administrative measures for businesses experiencing financial difficulty as a result of the coronavirus.

The measures include:

• Deferring payment by up to six months of the amount due on your Business Activity Statements, income tax assessments, FBT assessment and excise.
• Allow businesses lodging BASs quarterly to lodge monthly to get quicker access to GST refunds.
• Vary PAYG income tax instalment for the March quarter to nil. Businesses that do so can also obtain a refund of instalments paid for the September and December 2019 quarters.
• Remitting interest and penalties incurred from 23 January 2020 on tax liabilities.
• Allowing affected businesses to enter into low-interest payment plans for existing and ongoing tax liabilities.

The above measures are not automatic, and affected businesses, or their tax agent, must contact the ATO and request the benefit of one more measures.

Businesses still need to meet their super guarantee obligations for their employees.

If your businesses has been adversely affected by the coronavirus, contact your trusted Nexia Edwards Marshall Advisor, and we can assist with obtaining the benefit of the above measures.

The material contained in this publication is for general information purposes only and does not constitute professional advice or recommendation from Nexia Edwards Marshall. Regarding any situation or circumstance, specific professional advice should be sought on any particular matter by contacting your Nexia Edwards Marshall Adviser.