Tax debt support for fire-impacted businesses
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As rain brings welcome relief for communities and firefighters, Australia is starting to rebuild from the fires that have devastated both businesses and individuals. If you’ve been impacted by bushfires, the last thing you want to be worrying about are your tax obligations.
The good news is, the ATO have extended tax relief and support to companies and individuals in identified bushfire impacted postcodes. Even if you’re outside these postcodes, you may get assistance if you’ve been impacted by the fires.
You may be eligible for the following:
• Extra time to pay your debt or lodge activity statements
• Prioritisation of refunds you are owed
• Payment plans tailored to your circumstances, which include an interest-free period
• Remission of penalties or interest charged during the affected periodThe ATO will also assist in reissuing or reconstructing documents and records that may have been lost or damaged in the fires.
If you’re in the identified postcodes, you do not have to apply for extra time; income tax, activity statement, fringe benefits tax, self-managed super fund and excise return lodgements, as well as any associated payments, will be automatically deferred until 28 May 2020.
The ATO will not initiate debt recovery action until this time. Note that additional support or extensions may be available on a case by case basis, for those experiencing serious hardship.
If you’ve been impacted by the bushfires and you’re concerned about your tax debt – either now, or looking ahead to 28 May – we will support you in whatever way we can. Please get in touch, we’d love to help.
