Some Beneficial Tax Information For The Coronavirus Pandemic

June 22, 2020    Tax Return Perth

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.

  • Income Support Payment (ISP): An Income Support Payment or ISP is a regular payment made by the Australian government to individuals to help them cope with their living costs. ISP involves payments like age pensions, scholarships, disability support, unemployment support, service pension, veteran pension, health benefit, etc.
  • Household Support Payments: In the wake of the devastating COVID-19 pandemic, the Australian government is paying low-income households so that they can continue to survive in the current climate without a fixed source of income.
  • Early Releases of Superannuation Funds: Superannuation Funds are funds maintained during an employee’s lifetime that contribute towards their pension. Due to the pandemic, the Australian government will be releasing superannuation funds earlier than expected on a temporary basis.

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.

  • Flexibility with regard to GST reporting so that you can access GST refunds much quicker than usual.
  • Remission of any penalties and interest that have been applied to tax liabilities for businesses after January 23, 2020.
  • Specific low-interest payment plans for tax liabilities that are currently existing/ongoing.
  • Permitting businesses to modify Pay As You Go (PAYG) amounts as well as the PAYG instalment refunds for certain tax periods.

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.

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