ATO has responded wisely by announcing tax relief for businesses affected by COVID-19 through payment deferrals and faster access to goods and services tax refunds.
So, here are the things you need to know about the tax relief if your business is affected because of the COVID-19.
How ATO is working to benefit a business owner?
A business owner has to deal with various taxes and with ongoing economic downfall due to coronavirus is making people take some serious steps. The possible options of relief for businesses are:
- Four-month deferrals for the payments of due amounts. It is easy to do through BAS (including PAYG instalment amount)
- Income tax assessments
- Fringe benefits tax assessments and excise
Moreover, you must contact ATO immediately to help you with the Regular payments or Instalments. So, if you are facing any issues, just contact the ATO through the support numbers. They are given on the website of the Australian taxation office.
Now, let’s check out the support of the ATO for small business to face this challenging situation without badly affecting their employees.
·An active services team
Please contact the taxation office to get some guidance on all the problems you might be facing or may face in the future. Support numbers are given to be there for you all the time in the hour of need.
·Payment deferrals management
If your business is affected then we can help you with payment deferrals and vary some due instalments considering the current situation. Moreover, we might excise payments by up to four months.
·Quicker access to the GST
AOT is giving you a chance to change your GST monthly cycle through calling at the given support number or requesting a Business activity statement BAS agent or through your tax. So, you may need to consider a few credits for this before you go any further. There is a complete guideline and also the services team of ATO is always ready to help you with any of it.
·PAYG instalments
You can change your Pay-AS-You-Go on for March 2020 quarter. If you diverge your PAYG instalment. You can also claim a refund for any instalments made for the September 2019 and December 2019 quarters. However, there are still few conditions to apply to it, so try to contact the team for confirmation of the process or visit the official website of ATO.
·Pay remitting interests and penalties
Any remitting interests or penalties will be applied to tax liabilities earned after 23 January 2020. Moreover, you can choose lower interest payment plans by discussing it with the team of ATO.
·Your wellbeing at the best
In case, you are lagging in paying your taxes or other payment obligations are constantly going on delay. You just need to contact the ATO service team as soon as possible. They will work with you in finding any possible solutions for it at any time.
Ultimately, it is about finding the right solution at the right time. If you are ignoring your business situation, remember it can go out of your hands within a few seconds. So, do not take the risk in this time of despair. Take all precautionary steps to prevent any future loss.
Bottom-Line
In the end, even if you are running a small business, you can still survive the economic crises. Therefore, just try to understand the possibilities you have to fight the challenge. A payroll system by the DHRP is a great help at this time.