ATO November 2019 bushfire assistance
Following the devastating bushfires across large parts of NSW and Queensland in November, the ATO has offered ongoing support.
In particular, a specific helpline (1800 806 218) has been established that can be used by those
impacted to seek assistance, such as to:
- obtain extra time to pay tax debt or lodge tax forms;
- obtain assistance in finding lost TFNs;
- obtain re-issued income tax returns, activity statements and notices of assessment;
- obtain assistance in re-constructing tax records that are lost or damaged;
- have any refunds owed fast-tracked;
- negotiate payment plans tailored to individual circumstances (including interest-free
periods); and - negotiate the remission of penalties or interest charged during the time a taxpayer has
been affected.
Business Activity Statements are a legal requirement for all businesses who are registered for GST. It is a quarterly reporting process whereby you report how much your business has sold, for what amount and how much GST you have charged and collected vs how much GST your business has spent on good and services.
Basically it deducts the amount of GST you have paid from the amount of GST you have collected to show whether you owe GST or are due a refund.
Depending on your business, this can be a fairly complex process and many businesses prefer to leave it up to their accountant to manage. This ensures that they don’t miss receiving any GST deductions and avoid ever missing their BAS statement lodgement and receiving a fine.