ATO outlines tax relief for bushfire victims
The ATO has outlined the ways in which those impacted by Australia’s bushfire crisis will be given relief from any outstanding tax obligations.
The ATO has outlined the ways in which those impacted by Australia’s bushfire crisis will be given relief from any outstanding tax obligations.
More information can be found here.
In a statement on the ATO website, the regulator said it did not want those affected to be concerned about their tax affairs, and would be helping individuals with any obligations once the crisis had ceased.
“For identified impacted postcodes, we’ll automatically grant deferrals for lodgments and payments due. You or your agent don’t need to apply for these deferrals,” the ATO said.
“We recognise the ongoing effects of this disaster and will continue to update identified impacted postcodes.”
Lists of impacted postcodes in Queensland, New South Wales, South Australia and Victoria were available on the ATO website. Automatic deferrals applied to both businesses and residential addresses, the ATO said.
Those who had been impacted but did not reside in a postcode that was on the ATO’s identified impacted postcode list could call the regulator’s Emergency Support Infoline for assistance. Alternative helplines were available for non-English speakers, Aboriginal or Torres Strait Islanders and those with hearing or speaking difficulties.
“To help you, we can, for example, give you extra time to pay your debt or lodge tax forms; help you find your lost tax file number by using methods to verify your identity such as date of birth, address and bank account details; re-issue income tax returns, activity statements and notices of assessment; help you reconstruct tax records that were lost or damaged; fast-track any refunds owed; set up a payment plan tailored to your circumstances including interest-free period; [and] remit penalties or interest charged during the time you were affected,” the ATO said.
Individuals could also talk to their tax agent, who could work with the ATO to provide appropriate support, the regulator said.
Sarah Kendell
07 January 2020
smsfadviser.com
Latest Newsletters
Hot Issues
- Aged care report goes to the heart of Australia’s tax debate
- Removed super no longer protected from creditors: court
- ATO investigating 16.5k SMSFs over valuation compliance
- The 2025 Financial Year Tax & Super Changes You Need to Know!
- Investment and economic outlook, March 2024
- The compounding benefits from reinvesting dividends
- Three things to consider when switching your super
- Oldest Buildings in the World.
- Illegal access nets $637 million
- Trustee decisions are at their own discretion: expert
- Regular reviews and safekeeping of documents vital: expert
- Latest stats back up research into SMSF longevity and returns: educator
- Investment and economic outlook, February 2024
- Planning financially for a career break
- Could your SMSF do with more diversification?
- Countries producing the most solar power by gigawatt hours
- Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
- Quarterly reporting regime means communication now paramount: expert
- Plan now to take advantage of 5-year carry forward rule: expert
- Why investors are firmly focused on interest rates
- Super literacy low for cash-strapped
- Four timeless principles for investing success
- Investment and economic outlook, January 2024
- Wheat Production by Country
- Time to start planning for stage 3 tax cuts: technical manager
- Millions of Australians lose by leaving savings in default MySuper funds
Article archive
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015