To date, there have been a number of economic stimulus measures and tax relief to help support people financially through the Coronavirus pandemic. We have received many questions from our clients in relation to these. To help, each week, we will be choosing some of the most frequently asked questions and providing the answer (to the best of our knowledge at the time of publishing) both on our website and via our social channels. The situation is changing daily, sometimes hourly, but we endeavour keep you up to date to help support you through this difficult time.

(1) Can I defer my tax obligations – lodgements and/or payments?

Some of the economic stimulus and tax relief measures do include options for deferring lodgement obligations or tax payments. However, this is not across the board and requests for time extensions are only being considered on a case-by-case basis. If you think that you will have difficulty making tax lodgements or paying tax, inform us sooner rather than later. Payment due dates can be extended up to 12 September 2020 and the ATO can stop interest accruing on your unpaid tax. Another option is low interest payment arrangements, but it is all dependent on your situation.

If you are an individual and have an outstanding tax return for this financial year (ending 30 June 2019), the deadline is still 15thMay 2020. This is the best time to schedule a time to speak with your Taxpro accountant to ensure your tax return is completed by this date.

Please email Chloe admin@taxproaustralia.com.au or give us a call on 08 9240 7629 to schedule a phone call with your Taxpro accountant.