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ARTICLE · 28 MAY 2020

COVID-19 – A taxing time for everyone

Holding Redlich
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The ATO has introduced tax relief measures to assist taxpayers with cash flow and solvency issues caused from COVID-19.

AustraliaTax
Damien Bourke
Damien Bourke
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COVID-19 – a 'taxing' time for everyone

The Australian government has been quick to respond to the rapidly changing economic climate due to the COVID-19 pandemic. In particular, the Australian Taxation Office (ATO) has introduced a number of tax relief measures in a bid to assist taxpayers with cash flow and solvency strains resulting from this outbreak. This article won't detail the direct financial stimulus packages unveiled - but will focus on the wider ranging and associated initiatives foreshadowed, including:

  1. Payroll tax relief
  2. Temporary (ancillary legal) measures to support financially distressed business
  3. Temporary relief for directors for trading whilst insolvent

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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