During times of natural disaster, the Australian Taxation Office (ATO) respect that taxpayers have many matters of importance to attend to, some of the support available from the ATO includes:
- allowing lodgement 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
Further information can be found on the ATO website here.
If you or someone you know has been affected by a natural disaster, please share this information with them and know the thoughts of The Tax Chic are with you all.