In response to the devastating floods, the Morrison Government has today announced it will provide immediate tax relief to affected communities.
The Commissioner of Taxation has agreed on a range of assistance measures for small businesses and individuals in flood-affected areas in Queensland and New South Wales, to help alleviate cash flow pressures and assist these communities with their recovery efforts.
In particular, taxpayers in flood-affected areas will be provided with any additional time they need to meet any upcoming business activity statement obligations.
Impacted taxpayers that pay their Pay-As-You-Go Instalments quarterly will also be allowed to vary upcoming instalments and claim a refund of previously paid instalments.
Any GST refunds these taxpayers are entitled to will also be fast tracked to free up cash flow and help fund their recovery efforts.
Small businesses and individuals affected by the floods will be able to notify the ATO of their circumstances and discuss the numerous assistance measures available to help them get back up on their feet.
