The ATO is providing support for small business and individual taxpayers in affected local government areas (LGAs) in Queensland and NSW that need to lodge business activity statements and instalment notices with an original due date of 28 February 2022 or 21 March 2022.
These taxpayers can lodge relevant returns up until 28 March 2022 and do not need to request a lodgment deferral if they are able to lodge by that date. If unable to lodge by 28 March 2022, taxpayers or their tax professional can apply for a deferral, which will be granted on a case-by-case basis.
The ATO also has a range of practical options available to support those who have been affected by the floods, like the support offered during the 2019/20 bushfires and COVID-19. Depending on individual circumstances, the ATO will develop a tailored plan for individuals and small businesses.
Assistant commissioner Andrew Watson said that people still dealing with the immediate impacts of the floods should not worry about tax and focus on current concerns. Those who are able, can contact the ATO or their tax professional if they are struggling to meet their tax obligations.
“We want to assure the community that support is available if and when you need it. We understand the lasting impacts disasters like this can have for affected communities. We are committed to assisting people to get back on track,” Mr Watson said.
“There is no need for taxpayers impacted by floods in these local government areas to call and request a deferral for business activity statements that are now due.
“We know your tax affairs may be the last thing on your mind, but we’re here to help with tailored support when the time is right, whether you’re an individual or small business owner. The payment due date of these lodgements will not change however we will take an empathic approach to your situation.”
If business records have been damaged or destroyed during a disaster or incident, the ATO can reissue copies of income tax returns, activity statements and notice of assessments. If businesses or individuals have lost their tax file number, the ATO can use another method to verify who they are and help them access their tax information.
If tax circumstances have changed because of floods, businesses can change their GST reporting cycle to monthly reporting and payment and vary their PAYG instalments.
The ATO recognises that not all taxpayers in flood-affected LGAs have been directly impacted. These taxpayers should contact the ATO or their tax professional to discuss their circumstances if they need additional support.
