As the risk of natural disasters increases at this time of year, check your Australian business number (ABN) details are current and refresh if needed. Emergency services and government agencies can use ABN details to provide help to you in times of emergency.
You can claim an activity supplement if you get Farm Household Allowance. Activity supplements help pay for activities in your Financial Improvement Agreement and can add up to $10,000 in total.
Read why giving to or receiving money from crowdfunding campaigns set up to help people impacted by drought or disaster can have tax implications.
The ATO is expected to adopt a ‘benign approach’ to PAYG instalment variations in the wake of recent disasters. Business and farm operators should seek assistance to talk with us about where your profit is year to date and what options you may have to vary instalments.
The Government announced changes to the Drought loan scheme. The biggest change is the enhancement of Drought loan terms to offer 2 years interest free, 3 years interest only and 5 years principal and interest. Loans are for amounts of up to $2 million.
Impacted farmers in an additional 11 local government areas across Southern and Eastern Queensland will now have access to grants of up to $75,000 to assist with their bushfire recovery.
If your business or residential address is in one of the bushfire impacted postcodes, the ATO will automatically grant a two-month deferral for activity statements lodgments and payments due.
Read the changes to the charging of Default Interest recommended by The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
