The ATO will look to provide lodgement and payment extensions to taxpayers and their agents affected by the Townsville flooding after it was declared a disaster.
The Minister for Environment and the Great Barrier Reef, Minister for Science and Minister for the Arts, Leeanne Enoch, declared the flooding in the Townsville district a disaster under the Queensland Disaster Management Act 2003.
In response, the tax office is set to announce extensions to various tax and activity statement lodgements.
“The ATO expects to grant lodgement and payment extensions to taxpayers impacted by floods in North Queensland,” an ATO spokesperson told My Business sister title Accountants Daily.
“We anticipate to make an announcement with details around which specific lodgement obligations along with length of any extensions in the next few days.”
The extensions are expected to follow in the footsteps of deferrals granted during the Cyclone Debbie disaster in 2017, where automatic one-month deferrals were granted.
The disaster declaration will mean an Australian disaster relief fund (ADRF) can be established to provide relief to the victims of the Townsville flooding.
Tax deductions for donations to an ADRF can only be claimed for contributions made in the two years after the disaster is declared.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.
- Australian manufacturers can create their own stimulus
- Here’s what separates success from the rest
By Adam Zuchetti
- 5 workplace trends to watch in 2020
By Nicole Gorton