The Australian Taxation Office (ATO) will offer a more flexible approach to the way it administers taxpayers’ affairs over the coming months.
This will be achieved through the following:
- Up to a four-month extension of the payment due date for the Business Activity Statement (BAS).
- The ATO will also allow quarterly GST reporting businesses to change to monthly reporting to access any potential GST refunds.
- Businesses will be allowed to vary pay-as-you-go (PAYG) instalment amounts to zero for the April 2020 quarter. Furthermore, businesses that vary their PAYG instalment to zero will also be allowed to claim a refund for any PAYG instalments previously made for the September 2019 and December 2019 quarters.
- The ATO will also consider remitting interest and penalties relating to tax liabilities incurred on or after 23 January 2020. Further, businesses may be able to pay their existing and ongoing tax liabilities using special low-interest payment plans.
If you would like to discuss further please contact us:
McNamara & Company - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com
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