These measures are available now!!
Allowing businesses to vary their PAYG Instalment (Company tax) to Nil in the March quarter BAS
This is huge!! Varying the PAYG Instalment to Nil in the March BAS will automatically trigger a refund of the September & December instalments previously paid.
Payment deferrals of up to 6 months
For amounts due through business activity statement (including PAYG Instalments), income tax assessments, fringe benefits tax assessments and excise.
Allowing businesses to change from a quarterly to monthly reporting cycle
I know this sounds like a penalty however for businesses that sell GST free goods and purchase goods with GST this will be a benefit as they will receive refunds faster.
Remitting interest and penalties incurred after 23 January 2020
This relates to penalties that have been applied to tax liabilities.
Offering low interest loans
The ATO will work with affected businesses to help them pay theire existing & ongoing tax liabilities by allowing them to enter into low interest payment plans.
Important Things to Note
- Please make sure your bank details are up to date with the ATO so that there is no delay in payment.
- If you have existing debts with the ATO prior to reducing your PAYG Instalment to Nil make sure you have entered into a payment arrangement otherwise the refund of previously paid PAYG Instalment will be applied against your debt.
- Remember you will have to pay these debts at some point (or a reduced amount depending on your June 2020 results) so be mindful of your future commitments.
Who to contact for assistance
Contact Successful Alliances for further information on 02 61969496 or 03 91086110 . Alternatively, your BAS Agent, bookkeeper or accountant will be able to help you. Or phone the ATO Emergency Support Info line on 1800 806218, they have truly been responsive.