While the Australian Government has provided businesses with many relief measures during the COVID-19 pandemic, such as the JobKeeper subsidy payment scheme, major changes to instant asset write-off and also rental relief for commercial tenants, the ATO has also provided additional tax support measures that may help your business further.
The ATO is providing businesses with financial relief in terms of interest payment and penalties. Such measures include:
The ATO is also encouraging businesses to consider temporarily changing their GST reporting cycle in order to get quicker access to their GST refunds. For example, for businesses which usually report their GST quarterly, moving to monthly reporting if you are due for a GST refund means you can get quicker access to the GST refunds you are entitled to. However, before you make the change, consider that:
The new additional tax support measures also means that you can vary your PAYG instalments on your activity statement. You may also be able to claim a refund for any instalments made during the 2019-20 financial year. Penalties or interest will not be applied to where you choose to vary your PAYG instalments for the 2019-20 financial year as well.