ATO's support measures to assist those affected by COVID-19
The ATO will also implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak. Options available to assist businesses impacted by COVID-19 include:
- Deferring the due dates for income tax payments, Fringe Benefits Tax payments ('FBT') and excise payments up to 12 September 2020 for businesses in financial difficulty; and
- Remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities.
However, note that employers will still need to meet their ongoing super guarantee obligations for their employees.
The Money Edge | Bundaberg