Subject: Business affected by COVID-19? This may help!

Maybe your eligible for a tax break
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Morning,

This is crazy times. Pretty sure this is like nothing we have ever experienced before.

With that, all our discussions are about what we can do to protect our livelihood and our families. And whilst all our situations are unique, that doesn't stop us wondering about what is going on as a whole.

It would seem every business has the potential to be financially and personally affected by this pandemic. It is with this concern that we would like to share a media release form the Australian Taxation Office. This is for no other reason than to share information on tax breaks and incentives that may help you out should your business need financial assistance.

Simple as that. If your business is hurting, read the guidelines and see if your eligible for assistance. They have even bumped up the asset write-off to $150,000 as part of a stimulus package. Hell, we pay enough into the tax system, it is times like this when it is there to give back.

Have a read below, click on the links and start the process if it applies to you.
Support for large business impacted by COVID-19

We recognise that many large businesses and their employees are currently being impacted by COVID-19 and that your tax obligations may be disrupted.

On this page:

Tailored support available

On 12 March 2020, the Commissioner of Taxation issued a media release advising of a series of administrative measures to assist Australians experiencing financial difficulties as a result of COVID-19.

These arrangements will not be automatically implemented. If your business is affected and you require support contact the Large Services Team. We can assist you with appropriate tailored arrangements that allow you to continue to manage and meet your tax obligations. If you have an existing dedicated ATO relationship manager within the Public Groups and Internationals business line of the ATO, you can also contact them for assistance. Employers will need to meet their ongoing super guarantee obligations for their employees.

As announced by the Commissioner, tailored support arrangements may include where appropriate:

  • payment deferral
  • adjustments to the GST reporting cycle
  • PAYG variation
  • interest and penalty remission.

We recognise that there may also be a broader range of administrative and technical issues that are arising for you including matters that concern:

  • PAYGW issues for your employees
  • fringe benefits tax
  • GST
  • tax residency
  • permanent establishments
  • thin capitalisation
  • lodgement implications
  • responding to ATO information requests
  • compliance engagements.

We are also preparing and updating Public Advice and Guidance on a range of issues. If you are unable to find the answer to your question, you should contact the Large Services Team who will assist.

Government stimulus

In addition to administrative arrangements, on 12 March 2020 the Australian Government announced an extensive package of economic measures to support the Australian economy – see The Australian Government's economic response to coronavirus.

This package includes measures available for eligible business with a turnover of less than $500 million, including:

  • instant asset write off threshold of up to $150,000 for assets acquired by 30 June 2020
  • accelerated depreciation of 50% in the first year on new Division 40 assets acquired and installed ready for use by 30 June 2021.

Legislation to give these measures effect is expected to be introduced into Parliament in late March 2020.

We are preparing and updating Public Advice and Guidance in relation to the Government’s economic stimulus package.

If you are unable to find the answer to your question, contact the Large Services Team. For technical enquiries, our team will arrange for a qualified technical specialist to respond to your question. You can find more information on the proposed legislation on the Treasury website.

Large business services

Our Large Services Team is here to support you with any questions you might have as your business responds to the impacts of COVID-19 and any other tax administration or technical issues you may have.

Contact us:


Debt and lodgment

If you require information concerning your large business account for GST and income tax, you can also elect to contact one of our experienced debt and lodgment officers directly on the numbers below; however, you may still choose to contact our Large Services Team for support.

Contact Debt and Lodgment by:

  • phone on 1300 728 060
  • fax on 1300 724 793.

International callers can either:

  • phone us on +61 2 6216 1111 between 8.00am and 5.00pm (Australian Eastern Daylight-saving Time until 5 April 2020, then Australian Eastern Standard Time) and ask to be transferred to the appropriate area within the ATO
  • fax us on +61 2 6216 2830.
Other phone and fax numbers may not work from some countries.
Share the news.

Thanks

Daryl Cygler
(on behalf of the FES Team)
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Fuel Equipment Specialists, PO Box 1020, 4870, Bungalow, Australia
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    This is an online snapshot of a newsletter created by the owner of Fuel Contamination Leads (Fuel Equipment Specialists, PO Box 1020, 4870 Bungalow, Australia) and sent via GetResponse on 2020-03-19. Report abuse