Tax relief for flood affected

The Australian federal government will provide immediate tax relief to flood affected communities.

Many organisations are offering help too, such as Hyundai Motor Company Australia (HMCA) and Mitsubishi Motors Australia Ltd (MMAL) donating $100,000 each to the Australian Red Cross Flood Appeal.

“We acknowledge the important work being done by the Australian Red Cross and all other charitable organisations giving relief and support to communities during this difficult time,” says HMCA chief executive Ted Lee.

MMAL chief executive Shaun Westcott adds: “Communities around Australia are suffering from the recent natural disasters impacting people in New South Wales and Queensland. As those communities, emergency services, defence force personnel and volunteers continue their work to help the recovery efforts, we hope that this donation can go some way to supporting those impacted as they look to rebuild.”

Nib Group donated $50,000 and its employees helped raise funds matched by the group, while other insurers throughout Australia are assisting affected customers and communities through donations, packages, and other initiatives.

The taxation commissioner has agreed on a range of assistance measures for small businesses and individuals in flood-affected areas in Queensland and New South Wales, says Commonwealth of Australia treasurer Josh Frydenberg.

The measures are designed to help alleviate cash flow pressures and assist these communities with their recovery efforts, he adds.

Taxpayers in flood-affected areas will be provided with any additional time they need to meet any upcoming business activity statement obligations.

Impacted taxpayers that pay their Pay-As-You-Go Instalments quarterly will also be allowed to vary upcoming instalments and claim a refund of previously paid instalments.

Any GST refunds these taxpayers are entitled to will also be fast tracked to free up cash flow and help fund their recovery efforts.

Small businesses and individuals affected by the floods will be able to notify the Australian Taxation Office (ATO) of their circumstances and discuss the numerous assistance measures available to help them get back up on their feet, Frydenberg explains.

An emergency hotline (1800 806 218) has been established for that purpose.

Visit the ATO website for further information.