Retirement
ATO kicks off ‘one-stop shop’ for super and tax
The Australian Taxation Office has developed a resource for anyone seeking “essential” information about the tax and superannuation changes implemented post-stimulus package.
ATO kicks off ‘one-stop shop’ for super and tax
The Australian Taxation Office has developed a resource for anyone seeking “essential” information about the tax and superannuation changes implemented post-stimulus package.
With the passage of legislation around tax and superannuation through Parliament early this week, the ATO’s commissioner of taxation, Chris Jordan, acknowledged that many people are heavily affected by the challenging economic conditions created by the outbreak of COVID-19.
He said the ATO is standing by ready to help where it can.
According to the Tax Office, the coronavirus page – which can be found at ato.gov.au/coronavirus – “provides easy-to-understand and detailed information about what people need to know or do in order to get access to the tax or superannuation measures as announced by the government as part of its economic response to COVID-19”.
Some of the measures include the granting of early access to superannuation, the provision of cash flow assistance to employers, an increase to the instant asset write-off and the backing of business investment.
Mr Jordan noted that each of the measures have different timings, eligibility and processes.
“Some will be applied automatically and others will require an application,” he continued, so he has recommended using the “one-stop shop” to understand what is possible.
The ATO also indicated a willingness to work with individuals experiencing financial hardship and their tax agents.
It said it will apply appropriate tax relief measures for serious and exceptional circumstances, “such as where people cannot pay for food or accommodation”.
“If you’re impacted by COVID-19 and require immediate assistance, contact us to request support on our Emergency Support Infoline 1800 806 218. If you do not require immediate assistance, you can contact us when you’re ready, to discuss your situation,” the tax commissioner said.
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