The Australian Taxation Office (ATO) has updated its website with information relating to tax and superannuation changes that have become law as part of the Government’s COVID-19 economic support package.
The Commissioner of Taxation, Chris Jordan (pictured) said a great many people were being affected by the challenging economic conditions created by the COVID-19 issue and the ATO was ready to help where it could.
“The ATO’s Coronavirus Page provides easy-to-understand and detailed information about what people need to know or do in order to get access to the tax or superannuation measures as announced by the Government as part of its economic response to COVID-19,” Mr Jordan said.
He said the measures included giving individuals early access to their superannuation; providing cash flow assistance for employers; increasing the instant asset write-off; and backing business investment by accelerating depreciation deductions.
“Each of the measures has different timings, eligibility, and processes,” he said.
“Some will be applied automatically and others will require an application.”
Mr Jordan said options available to assist businesses impacted by COVID-19 included deferral of payments through the Business Activity Statement (including Pay As You Go instalments), income tax assessments, fringe benefits tax assessments and excise by up to six months
“Employers will still need to meet their ongoing super guarantee obligations for their employees,” Mr Jordan said.
“Outside of business, the ATO will also work with individuals experiencing financial hardship, and their tax agents, and will apply appropriate tax relief measures for serious and exceptional circumstances, such as where people cannot pay for food or accommodation,” he said.