Accountants lend their weight to scrapping of stamp duty
Two major Australian accounting groups have come out in support of the removal of stamp duty in NSW – but the opt-in ...
North Queensland property owners who were impacted by floods earlier this year will continue to be granted support by the ATO this tax time.
While the ATO automatically deferred payments and lodgments due from January to May 2019 until 31 May 2019, assistant commissioner Andrew Watson said the Tax Office understands that many individuals, businesses and farmers in the region are still doing it tough.
“We recognise the floods are still impacting many people in the region, and we are committed to assisting people to get back on track. Whether you’re an individual, business owner or primary producer, we want to work with you to help sort out your tax affairs,” Mr Watson said.
“If you’re struggling with your tax or super obligations as a result of the floods, give us a call on 1800 806 218 to discuss how we can support you. You can also discuss your options with your registered tax professional, if you have one.”
Property investors may be able to claim deductions for repairs and may also be able to claim the cost of rebuilding as a capital works deduction over 25 or 40 years, if the property was destroyed.
The Tax Office will also be able to help taxpayers struggling to meet their tax and super obligations by giving them extra time to pay their debt or lodge tax forms such as activity statements; re-issue income tax returns, activity statements and notices of assessment; help re-construct tax records that are lost or damaged; fast-track refunds; set up a payment plan tailored to individual circumstances, including interest-free periods; and remit penalties or interest charged during the time people have been affected.