SUPPORT FROM THE TAX OFFICE (ATO

 

Please contact us should you require any assistance with your taxation obligations as the ATO will provide the following assistance to impacted businesses,

 

 

  Options available for TAX PAYMENTS  

＜Updated 28 March 2020>

 

• deferring by up to 4 months, the payment date of amounts due through the BAS, income tax assessments & FBT assessments

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• allowing low interest payment plans for tax repayments on payment plans

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• remitting any interest and penalties for tax liabilities

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  Options available for BAS LODGEMENTS  

​＜Updated 28 March 2020>

 

GST REFUNDS - allowing businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get quicker GST refund

 

PAYG INSTALMENTS -  allowing businesses to vary amounts to zero for the Jan ~ Mar 2020 quarter (if varied to zero, can further claim a refund for any instalments made for the September 2019 and December 2019 quarters)

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** However, employers will still need to meet their ongoing super guarantee obligations for their employees!!

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|  Increasing the instant asset write off  

​＜Updated 28 March 2020>

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Threshold for the instant asset write off (100% depreciation in the year of purchase) will increase from $30,000 to $150,000 and expand access to businesses with an aggregated annual turnover of up to $500 million.

 

The increase will only be available from 12 March to 30 June 2020 for new or second-hand assets (first used or installed ready for use by 30 June 2020) including the following but does not include buildings, structure and property improvements.

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• Cars, utes and delivery vans

• Business related plant, equipment and tools.

• Computer equipment (laptops, tablets and printers)

• Removable premise fitouts (office furniture, artworks of art, shelve fittings)

• Solar systems for business premises

 

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|  Accelerated deprecation  

​＜Updated 28 March 2020>

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After taking advantage of the above instant asset write-off to June 30, 2020, a 50% write-off scheme will come into effect for eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.

 

Eligible taxpayers will receive a deduction of 50 per cent of the cost of the eligible asset on installation, with existing depreciation rules applying to the balance. Eligible businesses for those with an aggregated turnover up to $500 million and will be applicable for the same items as (2) but only for new items (2nd hand items not covered by this scheme).

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Disclaimer: 

Information based on facts we have summarised to the above updated date. We have not considered your personal circumstances and should you wish to consider it, please seek professional advice.