The ATO have, via media release, outlined support measures that they will provide to businesses affected by COVID-19. We can’t envisage any business being unaffected by the virus, such that we expect every business client that we act for will be able to avail of the measures.

At a glance, the support measures are:

  • Deferring by up to six months the payment date of amounts due through the business activity statement (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise
  • Allow businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get quicker access to GST refunds they may be entitled to
  • Allowing businesses to vary Pay As You Go (PAYG) instalment amounts to zero for the March 2020 quarter. Businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quarters
  • Remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities
  • Working with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low interest payment plans.
Media Release

We are actively encouraging clients to, wherever possible, retain cash within their businesses. The concessions detailed above will clearly assist clients do just that.

Should you wish to discuss these concessions, or have us contact the ATO on your behalf to access them, please don’t hesitate to reach out to us.

Connole Carlisle Financial Services Pty Ltd (ASIC No. 1245297) (ABN 40613295506) is a Corporate Authorised Representative of Merit Wealth Pty Ltd, Australian Financial Services Licence 409361, ABN 89 125 557 002

Luke Worth (ASIC No. 1245700) is a Limited Authorised Representative of Merit Wealth Pty Ltd

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