The Australian Taxation Office (ATO) announced that it will implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak. ATO release options available to assist businesses impacted by COVID-19 include:
- Deferring by up to 6 months the payment date of amounts due through the business activity statement (including PAYG installments), 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) installment amounts to zero for the March 2020 quarter. Businesses that vary their PAYG installment to zero can also claim a refund for any installments 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.
Outside of business, the ATO will also work with individuals experiencing financial hardship, and their tax agents, and will apply appropriate tax relief measures for serious and exceptional circumstances, such as where people cannot pay for food or accommodation.
