Receive the latest mybusiness news
Copyright © 2020 MOMENTUMMEDIA

Tax relief for Townsville flood victims

Jotham Lian
Jotham Lian
08 February 2019 1 minute readShare
townsville floods houses tax relief for flood victims

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.

Tax relief for Townsville flood victims
mybusiness logo
Jotham Lian
Jotham Lian

Adam Zuchetti is the former editor of MyBusiness and a senior freelance media professional, specialising in the fields of business, personal finance and property. In 2020, he also embarked on his own business journey – inspired in part by the entrepreneurs and founders he had met through his journalistic work – with the launch of customised pet gifting and subscription service Paws N’ All.

Leave a Comment

Latest poll

How satisfied are you with the SME measures in the federal budget?