The ATO has announced several relief measures to assist businesses affected by COVID-19. They include:
- Deferring payment of BAS accounts by up to 6 months. However, any Stimulus 2 funds received to your BAS account will offset outstanding balances.
- Allowing businesses to opt from quarterly to monthly BAS cycle to access GST refunds etc., where applicable.
- Allowing businesses to vary PAYG Installments to ZERO for March Qtr 2020, together with claiming back PAYG Instalments for the Sep 2019 and Dec 2019 quarters.
- Remission of interest and penalties post 23 January 2020.
- Debt management plans.
- Individuals experiencing financial hardship due to COVID-19 will also be entitled to deferments of lodgment/payments etc.
These are all essential relief measures that could help many small business operators. Maynard Accounting may be able to assist clients with ongoing tax and lodgment obligations and negotiations. Accordingly, contact our office for a consultation with one of our taxation experts.