Government provides tax relief for communities affected by flooding in NSW and Queensland

Hon Josh Frydenberg MP, has said that the Commissioner of Taxation has agreed to provide a range of assistance measures for individuals and small businesses in flood-affected areas in both NSW and Queensland to help alleviate cashflow pressures and assist the affected communities with their recovery efforts.  

Taxpayers in the flood-affected areas will have additional time to meet any upcoming business activity statement obligations. Tax payers do not need to request a lodgment deferral for business activity statements that are now due, instead they can lodge relevant returns up until 28 March 2022. If unable to lodge by this date, a deferral can be applied for (your accountant can help with this), which will be granted on a case-by-case basis.

Affected taxpayers paying Pay-As-You-Go instalments quarterly will be allowed to vary upcoming instalments and claim a refund of previously paid instalments.

Any GST refunds these taxpayers are entitled to, will be fast-tracked, to free up cashflow and help fund recovery efforts and the GST reporting and payment cycle can be changed to monthly.

Affected individuals and small businesses can also notify the Australian Taxation Office (ATO) of their circumstances and discuss the numerous assistance measures available to help them get back on their feet.

How we can help

If you’ve been affected by the floods, or you’re a taxpayer who hasn’t been directly impacted, but wish to discuss your circumstances and need additional support, TaxAssist Accountants are here to help with all of your tax and accounting needs. Call us now for a free, no obligation consultation.

Date published 11 Mar 2022