The ATO has announced a series of lodgement deferral dates due to COVID-19, available to businesses for tax returns, fringe benefits tax returns, monthly and quarterly BAS, annual GST returns, PAYG summary annual reports and taxable payment annual reports.
The extended lodgement dates for particular lodgements are listed below:
• Company income tax 2018-2019 returns: 5 June 2020
• Fringe benefits 2019-2020 tax returns:25 June 2020
• SMSF 2018-2019 annual returns: 30 June 2020
As requests for lodgement deferrals for BAS, annual GST returns, PAYG summary annual reports and taxable payment reports are determined on a case-by-case basis, request approvals will be issued within a 28-day period. While deferring a lodgement may be beneficial to your business in the short term, it is still important to consider your tax liability and the long term effects of lodgement deferrals on your cash flow.
Always discuss your options with a financial advisor or accountant before deferring as you may accrue more debt than expected otherwise. Depending on your financial circumstances, the ATO is also accepting payment-only deferral applications until 14 September 2020 for income tax, FBT and excise payments.
Our team at Lee & Lee are here to help you. Please email or phone us on 07 3103 8551 to talk with us about how we can help you!