29 March 20

ATO Assistance is Available

The Australian Taxation Office (ATO) will provide support to taxpayers affected by COVID-19. If you are having any financial difficulties due to the current economic conditions we can request more time to pay your tax or arrange a payment plan on reasonable terms.

Measures currently available from the ATO include:-

– Payment deferrals and arrangements  – as detailed above if you have been financially impacted by COVID-19 the ATO will work with us to organise reasonable payment arrangements for you;

– Monthly GST credits – Businesses that currently report their Activity Statements on a quarterly reporting cycle can elect to change their GST reporting and payments to a monthly cycle which will allow faster access to any GST refunds they may be entitled to;

– Pay As You Go Instalment variations – if you currently pay PAYG income tax instalments the ATO have relaxed the rules regarding variations to instalment amounts. Taxpayers that vary their PAYG income tax instalment rate or amounts for the March 2020 quarter can also claim a refund for any instalments made for the September and December quarters; and

– Remission of interest and penalties – where your business is impacted by COVID-19, the ATO will consider remitting interest and penalties that were incurred after 23rd January, 2020 that have been applied to tax liabilities.

NOTE – The ATO has confirmed that employers must continue to meet their superannuation guarantee obligations each quarter. Under the law, the ATO do not have the power to vary the contribution due date or waive the superannuation guarantee charge where super guarantee payments are late or unpaid.Therefore, super guarantee contributions accrued for the quarter ended 31st March, 2020 are payable to employer super funds by no later than the 28th April, 2020.

Prepared by the NTAA