Countless Australians have been affected by the COVID-19 pandemic. In response, the Australian Government has implemented a series of assistance measures for the purpose of helping those experiencing financial difficulty.
Please read our tax guide for the coronavirus pandemic below for assistance. And if you work from home now, don’t forget you can also claim deductions too!
Do you need more time to lodge your return or pay tax due to the coronavius pandemic?
Firstly (and most importantly), don’t ignore your obligations. Speak to us and explain your situation. We may be able to apply for an extension on your behalf with the ATO.
In addition, if you experience financial difficulties as a direct result of the coronavirus pandemic, you can ask for extra time to pay a tax debt that you owe to the ATO. Again, just speak to us because we can speak to the ATO on your behalf and arrange a solution for you.
What financial support is available in response to the COVID-19 pandemic?
The pandemic has already taken an incredible toll emotionally, physically and financially on Australians. In times like this, it’s vital to know your entitlements as well as where you can go for help.
The Australian Government is providing financial assistance to Australians, including:
- income support payments,
- payments to support households,
- temporary early releases of superannuation and,
- cuts to deeming rates as well as a halving of the minimum superannuation drawdown rate,
- JobKeeper payments.
Not sure what you are entitled to? Read our extensive guide on the coronavirus stimulus package for individuals.
Did you lose your job as a result of the pandemic?
At a time when you are already stressed, applying for these support payments can be a difficult process to navigate. So, take the time to read our guide on how to register for Jobseeker Payments.
If you have already registered, then you might also want to take a look at – Lost your job, what now?
Finally, get in touch with your ex-employer to see if they’re eligible for the new JobKeeper payments. They might be able to add you back to their books and give you a regular wage for up to six months.
Tax extensions and support for businesses during the coronavirus pandemic
Business owners affected by the coronavirus pandemic may be eligible for a number of support measures and tax extensions. Therefore, we suggest you speak to your tax provider for more information.
Options available to assist businesses impacted by COVID-19 include:
- providing cash flow assistance for employers,
- increasing the instant asset write-off, making more businesses eligible,
- backing business investment by accelerating depreciation deductions,
- extended deadlines on activity statements,
- GST reporting flexibility in order to get quicker access to GST refunds,
- allowing businesses to vary Pay As You Go (PAYG) instalment amounts as well as instalment refunds for particular periods,
- remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities,
- low interest payment plans for existing and ongoing tax liabilities.
Still, employers will need to meet their ongoing super guarantee obligations for their employees.
Read more in our post on Coronavirus Stimulus Information for Small Businesses.
Staying positive – protect yourself, not just your income.
Finally, the Etax team, like many businesses, has switched to work from home arrangements. To help our team make a smooth transition, we’ve written a series on the many ways you can stay positive, safe, productive and connected.
- Did COVID-19 turn you into work at home parents and teachers?
- Working from home? How to stay productive – and happy!
- How to survive the lock-down. Your guide to turning it into a positive
Etax Accountants can liaise with the ATO on your behalf as well as apply for various tax extensions if applicable. Please contact us and one of our Accountants can discuss your individual circumstances with you in more detail.