COVID-19: Australian Taxation Office

Lodgment Or Payment

We have different options readily available to help you throughout this time.

Super payments

You need to meet extremely warranty responsibilities for your workers if you are an employer. By law, we can’t differ the contribution due to date or waive the incredible warranty charge. incomplete

By lodging a Superannuation assurance charge statement to us within a month of the quarterly due date, you will avoid additional penalties. We will work with you to set up a payment plan if you can’t pay in complete. More hints here.

Payment Deferments

It is very important to lodge your activity declarations and income tax return on time, even if you can’t pay by the due date.

Call us as early as possible to discuss your scenario if you’re fretted you will not be able to pay on time or you’ve already missed a due date. We have a variety of choices to support you.

We might have the ability to delay payment due dates and stop interest accruing for your earnings tax payments that were due after 23 January 2020, fringe benefits tax (FBT) and excise. We can help you to pay by instalments by establishing a payment plan.

You don’t need to call us if you are entitled to a refund. We will process your return as quickly as we can. If you are anticipating having an amount to pay from your assessment, contact us after you lodge. We can ensure you are not charged a late lodgment charge.

If you use a tax professional to lodge in your place, you might have a different deferred due date. Contact your registered tax or BAS agent to check your due date for lodgment or payment.

If you lodge online, you may be eligible for an extra 2 weeks to lodge and pay your quarterly activity declaration.

You can not defer due dates for tax payments that were already due prior to 23 January 2020. You can request:

remission of interest that has accumulated on those debts from 23 January 2020

to pay by instalments by setting up a payment plan.

Early Release Of Superannuation

Qualified citizens and permanent residents of Australia and New Zealand can submit one application, through ATO online services in myGov, for up to $10,000 between 1 July and 31 December 2020.

Individuals will not need to pay tax on quantities released and the cash they withdraw will not require to be consisted of in their income tax return.

Minimizing superannuation minimum drawdown rates

For many retired people, the significant losses in financial markets as a result of COVID-19 are having an unfavourable impact on the account balance of their superannuation pension or annuity.

The minimum drawdown requirements for similar items and account-based pensions have been decreased by 50% for 2019– 20 and 2020– 21. Some funds may immediately decrease the minimum drawdown rate. It is important you call your fund to let them know if you wish to minimize your minimum drawdown amount. They can make any change you authorise.

COVID-19 Compliance Steps

With a lot of Australians experiencing monetary trouble due to COVID-19, our top priority is to provide assistance and support to those who require it most.

If you’ve made a claim and made real mistakes, we’ll assist you to fix them. We want to offer you the support you need, without the worry of accruing a financial obligation, repaying money or getting penalised for authentic errors.

We understand that many Australians are honest and do the best thing. There are a handful of people who try to take benefit and exploit the system for their own financial gain.

We will not endure anyone appealing in unlawful behaviour or developing contrived plans created to take advantage of the COVID-19 stimulus plans. Where individuals deliberately make use of the system, we will take action. We have actually currently seen some examples of individuals doing the wrong thing, and we’ve acted rapidly and decisively.

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