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  1. Grant Thornton Australia | Audit, Tax and Advisory
  2. Client alerts
  3. 2020
  4. 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
Yan Wong
Partner Adelaide
Email address https://www.linkedin.com/in/yan-wong-067760a9/ Yan Wong VCard
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Insight Government deregulation to save $430m in annual compliance Three weeks out from the Federal Budget and we finally have some noteworthy spoilers on what’s to come on 11 May thanks to a speech delivered by Prime Minister Scott Morrison to the Business Council of Australia. Read full article
Podcast Fulfilling Australia’s Modern Manufacturing vision The Government has a 10 year plan to implement the Modern Manufacturing Initiative and develop our manufacturing capability. Read full article
Podcast Australian life sciences companies need to be born global We’ve never been more aware of where our pharmaceuticals and medical products come from, or how long therapeutics take to go from research to product. Read full article
Podcast The million dollar question: is stamp duty or land tax bett New South Wales has just undergone a public consultation regarding a swap from stamp duty to land tax over a decades long transition period. Read full article
Podcast Rivers of Data: Quid pro quo and data analytics Google receives nearly 85% of its revenue from user data insights. Read full article
PODCAST Being a good corporate citizen is about more than just comp In this podcast, Grant Thornton Risk Consulting partner Katherine Shamai discusses what it means to be a good corporate citizen, how COVID has moved the conversation along, and the long term risks to brand and stakeholders of getting it wrong. Read full article
PODCAST Tech enabled businesses to dominate M&A in 2021 M&A took a massive hit in 2020, with the majority of transactions put on hold in the February-March 2020 period in response to COVID. Read full article
Watch on-demand NFPs transforming through COVID COVID-19 has impacted not for profits in various ways and complexity, forcing some to make simple operational changes and others to question their long-term viability. Read full article
Grant Thornton Australia
Insight Retailers brace for Black Friday bonanza For retailers, the Christmas period has always been make or break. Read full article
Watch on-demand The future of work: Managing your global talent The coronavirus pandemic has pushed many businesses to rethink how we work. Read full article
Mobility Minutes
PODCAST Mining Boom 3.0 is about being smarter, not necessarily big Don’t just think iron ore. Australia is truly resource rich – from hydrogen through to lithium and nickel for energy storage, and Rare Earth minerals for computers, smartphones and the aerospace industry. Read full article
Energy and resources
Podcast A once in a lifetime budget The Government has delivered a once in a lifetime Federal Budget in response to COVID-19. Read full article
Grant Thornton Australia
Podcast The changing shape of retail COVID-19 has changed the way we shop – perhaps forever. There is no retailer unaffected. But while many in the industry are experiencing hardships they might never bounce back from, it’s not all doom and gloom. Read full article
Retail | Grant Thornton Australia
Podcast A green-led COVID recovery Last week was “energy week” – with a number of policy announcements from the Federal Government, and yesterday’s launch of the Low Emissions Statement yesterday signalling the prioritisation of hydrogen storage, low carbon manufacturing and carbon capture on our transition away from coal and towards a more renewable future. Read full article
covid-19
Insights JobKeeper Extension Rules made On 15 September 2020 the Federal Treasurer Josh Frydenberg released the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 8) 2020 (and Explanatory Statement). Read full article
jobkeeper
Podcast ASX listings to pick up in the run up to Christmas When COVID-19 hit, new listings on the stock market took a dive. Read full article
ASX
Insight Victorian Premier announces additional $3b business support The Premier of Victoria, the Hon Daniel Andrews, yesterday announced a major $3b stimulus package designed to assist Victorian businesses through the “second wave” and beyond. Read full article
gtal_2020_afb-9_464x422
Podcast Brave new world The impacts of COVID-19 will continue to be massive on businesses and individuals alike. Read full article
Grant Thornton Australia
Watch on-demand Keeping up with JobKeeper On Tuesday 1 September, parliament passed legislation to approve the extension and changes to JobKeeper. Read full article
Grant Thornton Australia
Insight Five trends shaping retail beyond 2020 The coronavirus has turned retail on its head. Once we get through the pandemic restrictions, these five trends will drive retail over the coming years. Read full article
Grant Thornton Australia | Retail

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