ATO Updated Guidance Regarding Income Tax And GSTby Stuart Iles Partners Tax Consulting
The ATO or Australian Taxation Office had published updated guidance on 15th February 2021 regarding the income tax goods and service tax or GST implications related to wide-scale COVID 19 financial supporting measures. These measures were provided by the state/territory, local governments, and the commonwealth at the time of the pandemic. The guidance is applicable throughout Hobart, similar to the other parts of Australia.
The entire relevant guidance will be the crucial part and parcel to the individual taxpayers and business taxpayers, especially when they will need taxation consulting services in Hobart for filing tax returns.
In receipt of any mentioned COVID 19 financial supportive payments, the taxpayers must consider whether their GST treatments or income taxes of those included payments are aligned to the dates with views of the ATO. Thus, the taxpayers are to decide on taking up the follow-up actions, but definitely after consultation with the tax consultants -
- Payments for the job keepers
- The increased cash flow payments
- Payments for the pandemic leave disasters
- Payments for the childcare transitions
- Loans and grants as stated under the Creative Economy Support Package of the commonwealth government - which are provided to arts organizations, artists, and to similar professions.
- Grants as under the Consumer Travel Support Program of the commonwealth government, which is provided to the service providers of tour management and travel agents
- Other relative payments and grants from the state/territory, local governments, and commonwealth for assisting the businesses in continuing with operating or adapting to the changed and changing circumstances
- The setup vouchers for subsidizing the purchase of varied goods and services from the businesses affected due to COVID-19.
At the same time, in receipt of relief in relation to any of the following territory/state government taxes and charges must even consider the position of the ATO based on the GST and income tax implications -
- Land Tax Relief – for instance, the waivers, deferrals, credits, rebates, refunds
- Payroll Tax Relief – for instance, the waivers, interest-free deferrals, and higher thresholds
- Electricity Charge Rebates
- Rent waivers and reductions for the commercial tenants in government-owned properties
Although the guidance has been updated yet it does not intend in being comprehensive. The uncertain taxpayer about the exact income tax and GST treatments on the government agencies-received specific financial support at the time of the pandemic must talk to the taxation consulting specialists for professional advice.
Created on Mar 15th 2021 02:43. Viewed 371 times.
No comment, be the first to comment.