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

 

 

 

 

 

 

More Articles

TRANSITIONING INTO RETIREMENT: WHAT YOU SHOULD KNOW

Deciding on your retirement funding options comes down to personal choice. . If you’re close to...

Read full article

The Deadliest pandemics in History

Check out the Deadliest pandemics in...

Read full article

Middle-to-higher incomes boosting SMSF growth

The SMSF sector experienced healthy growth over the March quarter, with men and women on middle-to-higher...

Read full article

The superannuation changes from 1 July

The super changes on the way from the start of the 2024-25 financial year. . A number of...

Read full article

Investment and economic outlook, May 2024

Region-by-region economic outlook and latest forecasts for investment returns. . For the last...

Read full article

Downsizer contributions can be time critical

With the expansion of the downsizer contribution, the timing of when it is used can affect how to use...

Read full article

Deeming freeze a win for Age Pensioners

Why the decision to keep deeming rates on hold may be a window for interest rates.   . In...

Read full article

Plan now to take advantage of stage 3 tax cuts

With the stage three tax cuts set to be implemented in around six weeks, opportunities for tax-saving...

Read full article

Sofie Korac is an Authorised Representative (No. 400164) of Prudentia Financial Planning Pty Ltd, AFSL 544118 and a member of the Association of Financial Advisers.

Financial Advice Sydney and the North Shore Office based in Gordon NSW

Financial Services Guide - Disclaimer & Privacy Policy

^