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ARTICLE · 01 APRIL 2020

COVID-19 – how the ATO has offered to help

Cooper Grace Ward
Cooper Grace Ward
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Cooper Grace Ward

Cooper Grace Ward

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Article outlines the types of relief available from the ATO & how to apply to the ATO.

AustraliaTax
Fletch Heinemann
Fletch Heinemann
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The ATO has set out ways it can help taxpayers deal with COVID-19. This is not to be confused with the Federal Government's Economic Response to Coronavirus. Taxpayers will have to apply to the ATO for relief.

What types of relief are available from the ATO?

The ATO has provided the following options as possible ways to obtain tax relief.

  1. The ATO may allow payments for income tax, GST, PAYG instalments, FBT and excise to be deferred – for up to six months.
  2. Taxpayers may get quicker access to GST refunds by changing from quarterly to monthly reporting. If a change is made now, the first monthly tax period will be the one starting on 1 April 2020.
  3. Changing reporting periods has other consequences – if taxpayers are considering changing before 1 April 2020, please check that these other consequences are acceptable before changing.

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© Cooper Grace Ward Lawyers

Cooper Grace Ward is a leading Australian law firm based in Brisbane.

This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please contact Cooper Grace Ward Lawyers.

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