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On March 11, the World Health Organization (WHO) declared the COVID-19 (Coronavirus) outbreak as a pandemic of global proportions. Since then, this pathogen has had devastating implications on lives, businesses, legislation processes, etc. all over the world. Australia has been affected by the coronavirus as well, with more than 7000 active cases at the moment. The coronavirus outbreak has particularly affected small business owners very gravely. In response to these, the Australian government has implemented many assistance programs to help individuals and businesses experiencing financial difficulties because of the pandemic. Read the following taxation information guide to know more about how company tax returns, personal returns, etc. have been affected by the global coronavirus pandemic.
Tax Extensions Due To the Pandemic
Even though there is a pandemic going on right now, it will not do to ignore your tax obligations. If you don’t know how you will be able to file your tax returns safely, then you should contact one of the tax accountant Perth has to offer. Talk to them and explain your situation so that they can apply for a deadline extension from the Australian Taxation Office (ATO) on your behalf. Also, if your business is experiencing financial difficulties as a result of the COVID-19 outbreak, you can get an extension on the ATO deadlines by which you will have to pay up your outstanding tax debts. The best course of action during this time is to speak to your tax attorney/accountant so they can file for extensions on your behalf.
Financial Assistance Provided by the Australian Government
The pandemic has had a devastating effect on the psyche of Australian residents and business owners. There has been an exacting physical, emotional, and mental toll on everyone in the country. There is also a lot of frustration and anxiety all around. In such a trying time, it is a good idea to know all the information available about the entitlements that you’re being granted by the Australian government. Knowing these as well as where you can go for such financial assistance is very important in the current climate. Here are some of the assistance programs run by the government.
The JobKeeper Payments
The JobKeeper Payment is a special financial measure undertaken by the Australian government to ensure that people don’t lose their jobs in the wake of the pandemic. It is essentially a payment made by the government to business owners to prevent them from laying employees off. Unlike other stimulus packages enacted by the government, this payment is made directly to Australian businesses. Each eligible employee will receive $3000 per month for a period of six months. These payments will be subjected at the marginal tax rate. Thus, they have to be included as an element of your business tax return.
Financial Support for Businesses During the Pandemic
Apart from the specialized JobKeeper payments, the Australian government has also enacted a number of additional financial assistance measures meant for businesses in particular. There are also a number of tax extensions and other tax support elements as well. Here are some of the measures that have been enacted.
Read More:- Scott Morrison Government Confirms The Mitigation Of Tax Instalment Burden For 2020/21
Protect Yourself Too
One important aspect of protecting your business’ well-being is to look after the health and safety of yourself and your employees as well. By maintaining social distancing and sanitization guidelines, you and your business can stay safe and well-protected. If you are looking for safe ways to file your tax return in Perth, then you look up tax accounting and tax attorney firms in your area. They will be able to liaise with the ATO on behalf of your business and make the situation convenient for you. Contact them at the earliest to discuss your individual needs and requirements properly.
