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ARRANGEMENTS TO HELP BUSINESSES AFFECTED BY NATURAL DISASTERS

Saturday, 29 April 2017

The Australian Tax Office (ATO) has announced arrangements to assist businesses affected by recent floods and cyclones in Queensland and northern NSW with their tax lodgment requirements.

The arrangements renew offers of assistance and accommodation by the ATO made following previous natural disasters.

The ATO has said that “If you or your clients are affected by natural disasters such as cyclone, flood, bushfire or drought, we can help with your lodgment program and reconstructing records.
“We can provide support by:
• allowing lodgment deferrals of activity statements or tax returns without penalty
• allowing additional time to pay tax debts without incurring general interest charges (GIC)
• making arrangements for payment of tax debts by instalments
• remitting penalties that were automatically imposed during the disaster
• fast-tracking refunds
• refunding amounts credited to existing debts when the client has entered into a deferral to pay or an arrangement to pay their tax debts
• conducting field visits to help with reconstructing tax records and making reasonable estimates.
“When appropriate, your clients may also consider varying their pay as you go (PAYG) instalments.”

 

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ATO: Natural disasters

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