Blanket deferrals for income tax and FBT returns

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2020
Blanket deferrals for income tax and FBT returns for 2019/2020

Blanket deferrals for income tax and FBT returns for 2019/2020

23 Apr 2020

Blanket deferrals for income tax and FBT returns for 2019/2020

The Australian Tax Office (ATO) Commissioner announced on 22 April 2020 that the ATO will be granting deferrals for 2019 income tax returns and 2020 FBT returns.

Lodgment and payment deferrals will be automatically applied to the following obligations due on 15 May 2020:

Company 2018-19 income tax returns are now due by 5 June 2020
SMSF 2018-19 annual returns are now due by 30 June 2020

208-19 income tax returns for individuals, partnerships, and trusts can be lodged by the 5 June concessional due date, provided any liabilities are paid by this date.

We welcome this concession as it appropriately reflects the significant pressures met by taxpayers and tax professionals alike in dealing with the impacts of COVID-19.

You can read the details for the deferral on the ATO website here. If you require further clarification of this extension, please contact us.

For more information, please contact:

Yan Wong

Partner Adelaide

Email address https://www.linkedin.com/in/yan-wong-067760a9/ Yan Wong VCard

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Podcast When cash is king – where do you turn when the banks pull b During the Global Financial Crisis we saw a tightening of liquidity from traditional sources – which took a period of nearly five years to bounce back. Read full article

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